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Ashforth Takes Major Stake in 1818 Market Street

PHILADELPHIA-Targeting Philadelphia as an "undervalued market with significant potential for growth," Ashforth Co. buys a majority interest in 1818 Market Street and begins a $5-million upgrade. Area brokers estimate the deal establishes the property's value at $109 million.

By Marita Thomas | Updated on June 27, 2002

PHILADELPHIA-Stamford, CT-based Ashforth Co., with an affiliate of Norwalk, CT-based GE Asset Management, has bought a majority interest in 1818 Market Street.The 40-story, 981,743-sf trophy office property with retail space at ground level is in the heart of Philadelphia’s CBD.

Ashforth is launching a $5-million capital improvement program this month to upgrade and renovate the building, which was constructed in 1974. It will include upgrades of the façade, main lobby, plaza, parking garage and elevator lobbies. Work is expected to be complete by year-end 2003.

The seller is Atlanta-based Lend Lease Real Estate Investment, a global real estate financial services company. The price and size of the purchase was not disclosed, but Center City brokers tell GlobeSt.com the price was approximately $111 per sf.

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