PHILADELPHIA, PAShorenstein Properties has acquired 1700 Market Street, an 848,000 square foot class A office tower in Philadelphia’s Center City submarket. The firm declined to comment beyond its press release, and declined to disclose the purchase price, but published reports indicate the sale price was around $200 million.

As previously reported by GlobeSt.com, this is the company’s second major purchase in Philadelphia and it now owns more than 1.8 million square feet of prime office space in Center City’s popular Market Street West submarket. Shorenstein recently began the initial phases of a renovation of 1818 Beneficial Bank Place, the class A Market Street West office tower it acquired in April 2015.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.