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.