Calsters Buys 685,000-SF 11 Penn Ctr. for $83M

PHILADELPHIA-The California State Teachers’ Retirement System has completed its acquisition of the 29-story class A office building at 1835 Market St. in Philadelphia. Sources close to the deal, which closed Tuesday, tell GlobeSt.com the Ohio State Teachers Retirement System sold the 685,000-sf asset for $83 million.

The building, known as 11 Penn Center, was purchased by Thomas Properties Group LLC on behalf of Calsters. The acquisition ups Thomas’ downtown Philadelphia interests to three million sf. The firm will assume leasing and management duties at 11 Penn. “We will apply our proven customer-focused approach to management and tap our network of business relationships to accelerate the leasing program,” says Joe McManus, Thomas Properties senior vice president for leasing.

CB Richard Ellis first vice presidents of investment property Douglas G. Joseph and Brian J. Campbell represented the seller in the transaction. CBRE has been the exclusive leasing and managing agent for the property since 1994.