Karen Daly-Smith, who heads the Philadelphia office of TCC, along with Bill Luft, SVP, are leading the Philadelphia sale effort and also seeking space to lease for the approximately 1,000 employees in 18 state agencies that now occupy the building. "We hope to house them in one Philadelphia location," Myslewicz says. "There will be no change in the number of employees, and 11 potential sites for them have been identified." A call to TCC was not returned by deadline.

The building was completed in 1958, according to Myslewicz and requires an estimated investment of about $40 million in short-term upgrades. "It's in an excellent location in an area that is undergoing significant revitalization." He suggests it could join Center City's condo-conversion trend or meet Temple University's growing demand for additional student housing.

There is no asking price. "We don't bid against ourselves," he says, "but we think it can command a considerable amount. According to our calculations, the sale could save the Commonwealth more than $17 million over the next five years and approximately $52 million over the next 20 years."