Shorenstein buys $203m Philadelphia office property
Shorenstein Properties has agreed to buy a 75 percent stake in 1818 Beneficial Bank Place in Philadelphia in a deal that values the asset at $203 million, or $206 per square foot. Daymark Realty Advisors was the seller and was advised by Cushman & Wakefield. The purchase of a 75 percent interest in the office building and attached garage brings the sales price to $152.25 million.
The 983,160-square-foot office property is located in Philadelphia at 1818 Market St. The 37-story tower includes a 408-space parking garage and 1,700 square feet of street retail space. The garage is worth $30 million of the property’s value.
The glass and white granite office was built in 1974 and was renovated in 2004. It is 91 percent occupied. Major tenants include Beneficial Bank, Five Below, Beneficial Mutual, Medical Guardian, eResearch Technology and Mitchell & Titus.
In the past two months several office pro