The 17-story property is part of the University City Science Center's Technology Park. It is 96% leased, with 85% of the space leased to two major creditworthy tenants--the University of Pennsylvania and Children's Hospital of Philadelphia. Other tenants include Pittsburgh-based PNC bank, The Scientist magazine, and locally based Nature's Table.
Calling 3535 Market St. "a jewel of a property," Richmond S. McCoy, president and chief executive officer, says in a statement the acquisition "reaffirms UrbanAmerica's ability to identify and acquire institutional-quality commercial assets in inner-city markets throughout the US."
"In particular, we are delighted to have the opportunity to invest in a property that is so deeply tied to one of the nation's most prestigious institutions of higher learning," adds Hal Reiff, chief financial officer and chief operating officer, in a statement.
UrbanAmerica focuses on inner-city properties and has a $297-million portfolio of 26 properties, primarily office and retail facilities in low- to moderate-income urban communities.
The city's secretary of housing and neighborhood preservation, Kevin Hanna, says the purchase "will have a positive impact on the surrounding neighborhoods, spurring residential and retail development."
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