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UrbanAmerica Pays $80M for Science Center Tower

PHILADELPHIA-In one of the biggest real estate deals here this year, the New York-based REIT pays $183.76 per sf for the 17-story, class-A office property at 3535 Market St. in University City's Technology Park. The 435,352-sf building is 96% leased.

By Marita Thomas | Updated on December 27, 2002

PHILADELPHIA-UrbanAmerica L.P. has bought the 435,352-sf, class-A office building at 3535 Market St. for $80 million, or about $183.76 per sf. It is the New York-based REIT’s largest single acquisition to date and also one of the biggest retail estate deals in the city this year.

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.”

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