Search
 

$43M Buy Reconnects Two Office Landmarks

PHILADELPHIA-Less than six weeks after acquiring Curtis Center for $94 million, Grasso Properties buys the adjacent Public Ledger Building with plans to restore the link between the two historic properties.

By Marita Thomas | Updated on October 19, 2006

PHILADELPHIA-J. Grasso Properties has acquired the Public Ledger Building at Sixth and Chestnut streets from Santa Ana, CA-based Triple Net Properties for $43 million, or just north of $91 per sf. This comes less than six weeks after the locally based developer acquired the Curtis Center, an adjacent 885,786-sf landmark office property for $94 million, as GlobeSt.com reported.

Like the Curtis Center, the 12-story, 471,271-sf Public Ledger property was also developed for Curtis Publishing Co. It was completed in 1928, shortly after the Curtis Center was built. At the time, both buildings were connected. Joseph Grasso tells GlobeSt.com he will again join the two. “We’ve devised a way to connect them with a covered walkway,” he says. “With the additional scale, we can afford to enrich the property amenities and give tenants in both buildings access to them. We will also save on operational costs,” he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.