PHILADELPHIA-Transwestern Investment Co. and the BlackstoneGroup have put the office building at 1700 Market St. up for sale.Chicago-based Transwestern acquired an 89% stake in this buildingand another at 1601 Market St. in November 2004 from Equity OfficeProperties Trust, also based in Chicago. The 1601 building may alsobe in play.

EOP, which was later acquired by Blackstone, retained an 11%share of the two-building portfolio. The Transwestern/Blackstonepartnership has enlisted Jones Lang LaSalle to market the841,172-sf, 32-story asset at 1700 Market St. It is going outunpriced. On condition of anonymity, an area office specialisttells GlobeSt.com it could command up to $200 million.

If so, that would put it close to $237 per sf and represent asignificantly profitable flip. According to GlobeSt.com'sreport on the 2004 acquisition, Transwestern paid $172.2 millionfor its 89% stake in both properties. They have an aggregate of 1.5million sf, which means at a 100% aggregate price tag of $193.5million, the price per sf of the duo was about $129 per sf.