The Taylor-Zang retail group of the local office of Marcus &Millichap, led by senior associate Dean Zang and Mark Taylor,senior investment associate, represented both the buyer and theseller. Both are entities identified only by the property'saddress. Dean Zang says there were a half-dozen offers within thefirst week of marketing, and within two weeks, the winning offerwas struck at 98% of the listing price.

This is despite his acknowledgment that the market is "slowingor correcting itself due to the changes in the capital market," hesays. "The buyer-types ranged from a New York City 1031 buyer toseveral well known local groups, and it exemplifies that assets inA locations are still in high demand."

Built in the 1930s, the building has interesting architecturalfeatures. The location is just across from the Shoppes at LibertyPlace and within two blocks of Rittenhouse Square, which gives ithigh traffic and a strong daytime population. However, the chiefadvantage comes from the revitalization of Chestnut as a retailcorridor, which Zang says, "has benefited from the flow ofretailers seeking to enter the marketplace.