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Townsend Asks $85M for University City Tower

PHILADELPHIA-The Baltimore-based owner puts the 18-story, 435,000-sf office building at 3535 Market St. on the block for an asking price of $195.40 per sf. Located in the University Science Center, it is 93% leased at about $25.50 per sf.

By Marita Thomas | Updated on November 09, 2002

PHILADELPHIA-Baltimore-based Townsend Capital is asking $85 million, or about $195.40 per sf, for the 18-story, 435,000-sf office building at 3535 Market St. in the city’s University Science Center submarket. Townsend acquired and completely renovated the building in 1998.

It is currently 93% leased. Jim Vesey, senior director of the local office of Cushman & Wakefield, tells GlobeSt.com, “pending leases will bring it to 96% occupancy shortly.”

Two tenants with AA credit ratings, Children’s Hospital of Philadelphia and the University of Pennsylvania, occupy 88% of the space. The Children’s Hospital lease runs through 2012, and Penn’s lease expires in 2010.

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