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Telecom Building Commands $358 Per SF

PHILADELPHIA-A New York investment group pays $15.3 million for a 42,754-sf building in which rents can reach to $100 per sf.

By Marita Thomas | Updated on November 03, 2006

PHILADELPHIA-The 42,754-sf building at 2410 Locust St., which was converted into a telecommunications exchange in the mid-1990s, has been sold to an unidentified New York City-based investment group in a 1031 exchange. The price tag is $15.3 million, just shy of $358 per sf.

The four-story building was completed in 1928 as a manufacturing plant for Hires Root Beer. Approximately 25 years ago, the locally based Geddes, Brecher, Qualls & Cunningham architectural firm acquired the building and converted it into offices for its own use.

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