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Stockton Takes 1515 Market St. for $76M

PHILADELPHIA-The 20-story, 520,000-sf office building, also known as Three Penn Center, is the opening investment of recently formed Stockton Real Estate Advisors.

By Marita Thomas | Updated on January 19, 2007

PHILADELPHIA-In an off-market transaction, Radnor-based Stockton Real Estate Advisors LLC has acquired 1515 Market St. in joint venture with Hartford-based CB Realty Finance. The 20-story, 520,000-sf office building is also known as Three Penn Center.

Douglas Veasey, Stockton’s chief investment officer, declined to disclose the price or identify the seller. However, in a statement, the Hague, Netherlands-based Wereldhave NV, a global property investor, says it sold the building for $76 million USD, which translates to just north of $146 per sf.

According to the statement, the disposition is part of Wereldhave’s policy of replacing older properties with new investments, and it is concentrating its US portfolio around Washington, DC and Texas. Philadelphia public records identify the owner as 1515 Market Street Associates, an affiliate of Purchase, NY-based West World Holdings, which acquired it in late 1989. Veasey says no brokers were involved in the sales transaction.

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