July 8, 2019 Comments Off on Center City MOB Achieves Record Pricing for Philly Offices Views: 520 National News, Northeast, Pennsylvania

Center City MOB Achieves Record Pricing for Philly Offices

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.

Connect With Liberty Property Trust

Subscribe to Connect Daily National

For comments, questions or concerns, please contact Paul Bubny

Tags: , ,

Comments are closed.

Send this to a friend