New York-based One Penn Associates, LP, acquired the building last summer from a joint-venture firm consisting of New York's Praedium Group and local investors.
Suburban Station, a 20-story, 650,000-sf office building, was completed in 1929. It is among the earliest examples of buildings to be constructed above, and connected to, a regional railroad line. The Art Deco landmark is at 1617 John F. Kennedy Blvd. in Center City.
In 1999, the Praedium JV paid about $44 million for the property, according to published reports. Insignia's Philadelphia office handled the recent sale to One Penn for an undisclosed price.
One Penn will complete an upgrade of the elevators and mechanical systems this year and is also refurbishing the façade and concourse level situated above the SEPTA commuter rail station.
The local law firm of Obermayer Rebmann Maxwell & Hippel occupies about 150,000-sf. The majority of other tenants have spaces averaging 10,000-sf. Suites ranging from 600-sf to 20,000-sf are currently up for lease, according to David Jarjisian of Insignia's office here.
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