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Historic Curtis Center Trades for $94M

PHILADELPHIA-Oaktree Capital returns the 885,786-sf landmark to local hands, J. Grasso Properties, which is planning a $10-million rehab.

By Marita Thomas | Updated on September 07, 2006

PHILADELPHIA-J. Grasso Properties has acquired Curtis Center from Los Angeles-based Oaktree Capital Management for $94 million or about $106 per sf. The 885,786-sf landmark is the former headquarters of Curtis Publishing Co., a 13-floor, class A office building with two underground parking levels with 350 spaces.

The historic building’s location at 170 S. Independence Mall West provides frontage along Independence Park to the east and a full block along Washington Square Park to the south across from Walnut Street. Constructed between 1901 and 1921, it is best known for “Tiffany Dream Garden Mural,” a 45-foot by 15-foot mosaic created by Maxfield Parrish and Louis Comfort Tiffany.

New York City-based Granite Partners marketed the building for Oaktree. Grasso used in-house representation to close the deal. A call to Oaktree was not returned by deadline. Joseph Grasso, president of the company that bears his name, says Oaktree is liquidating one of its funds.

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