July 8, 2019
Liberty Property Trust has sold 800 Walnut St., a 153,242-square-foot medical office building it developed in 2013, for $99.25 million. The acquisition by tenant University of Pennsylvania Health System is believed to have set a new record for office pricing in Philadelphia at $648 per square foot.
The previous record of $628 per square foot, for the GlaxoSmithKline headquarters at the Philadelphia Navy Yard, was also set by Liberty, the Philadelphia Inquirer reported.
Wayne, PA-based Liberty developed the 12-story 800 Walnut in Center City for $48.5 million. The building’s retail and parking garage sections are under separate ownership and aren’t part of the sale to the health system.
The REIT said it used a portion of sale proceeds to repay $35.9 million of mortgage debt on the property. Liberty has been selling off its remaining office holdings to concentrate on its industrial portfolio.
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