July 31, 2017
Centre Square, a two-building, 1.8-million-square-foot, multi-tenant office complex in Philadelphia traded hands for $328 million. Chicago-based Equity Commonwealth sold the asset to an affiliate of New York-based Nightingale Properties, LLC. in what is the largest office transaction based on square footage in the city’s history.
Located at 1500 Market St., in the heart of Philadelphia’s CBD, the Class A property includes a 36-story East Tower and a 43-story West Tower, and is an iconic part of the skyline. Built in 1974, the 91.2%-leased complex is equally as well known for a 45-foot tall Clothespin art sculpture that sits in its front plaza.
CBRE Capital Markets’ institutional properties team of Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran represented the seller.
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