CUSHMAN & WAKEFIELD ARRANGES SALE OF 245,000-SF OFFICE BUILDING TO PHILADELPHIA NON-PROFIT
PHILADELPHIA - May 2, 2008 - Cushman & Wakefield announced today the completion of the sale of 714 Market St., a seven story, 245,000-square-foot office building located in the historic Independence Mall submarket in Center City. The building was purchased by Liberty Resources Inc., a Philadelphia non-profit, from 714 Holdings Inc. Liberty Resources is the Center for Independent Living for the Philadelphia area, a group that advocates and promotes independent living for persons with disabilities. Liberty Resources was previously a tenant in the building.
Cushman & Wakefield brokerage professionals Roger T. McManimon and Jack Myers, represented the seller, 714 Holdings Inc. The buyer was represented by Vince Jolly, of Selisohn, Soens, Hess. Additional terms of the transaction were not disclosed.
“This transaction represented a convergence of interests between buyer and seller,” said Mr. McManimon. “The seller was a long-term investor in the property for more than a decade and was able to realize significant capital appreciation, while the buyer was a tenant in the building who will now have all the benefits of ownership, including flexibility for future growth.”
In addition to Liberty Resources, major tenants in the building include the Philadelphia Workforce Development Corp., Teach for America, Philadelphia Youth Network and H2L2 Architects.
Related posts:
- Governor Rendell announces sale of Philadelphia State Office Building taxpayers will save more than $30 million over 20 years
HARRISBURG – Jan. 16, 2008 - Governor Edward G. Rendell today announced that, after a competitive bidding process, the Philadelphia State Office Building at Broad and Spring Garden streets will be sold to Tower Investments for $25.2 million. “The sale of the Philadelphia State Office building not only will save taxpayers a substantial amount of money over the next 20...
- CB RICHARD ELLIS BROKERS DISPOSTION OF 1020 LAUREL OAK ROAD - CD REALTY ADVISORS SELLS CLASS A OFFICE BUILDING FOR $7.925 MILLION
CB Richard Ellis Inc. (04/14/2008) - Wayne, PAÂ - April 10, 2008 - CB Richard Ellis Inc. represented CD Realty Advisors in the sale of 1020 Laurel Oak Road located in Voorhees, Camden County, New Jersey. CD Realty Advisors, a Philadelphia regionally based commercial real estate investment firm which owns and manages a portfolio of approximately two million square feet of...
- Metro Commercial Negotiates Sale of Village Square Shopping Center
Highly visible 34,606 Berks County community center sold to Cherry Hill buyer Wyomissing, PA - October 8, 2007 - Metro Commercial Real Estate, Inc., the region’s premier full-service retail real estate company has announced the sale of the Village Square Shopping Center in Wyomissing, Pennsylvania.    Village Square Shopping Center is a 34,606 SF center located at 70-98 Commerce Drive in Spring...
- Within 30 days of selling 380 Starr Road property, CBRE Brokers 10 year Lease of Entire Building
Wayne, PA - April 21, 2008 - CB Richard Ellis, Inc., representing both the owner 380 Starr Road LP, and the tenant (whose name cannot be released at this time), successfully brokered a 10 year lease at 380 Starr Road in Avondale, Chester County, PA. The lease, which is for the entire 106,846 building, also contains two five-year options and...
- Grubb & Ellis Company Announces Recent Transactions
Grubb & Ellis Company (05/26/2008) - PHILADELPHIA (May 15, 2008) Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced the following transactions:LEASES Lessor: Sant Properties Lessee: Cellco Partnership Description: 5,280-square-foot office lease renewal Location: 131-133 S. 24th St. Representatives: Craig Scheuerle of Grubb & Ellis represented the lessee. Lessor: Kaiserman Company, Inc. Lessee:...
Comments
No comments yet.
Leave a comment