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Another IRS-Leased Building Trades Hands

PHILADELPHIA-An unidentified buyer acquires the 230,000-sf building on 15 acres at 11501 Roosevelt Blvd., the second largest building the IRS plans to vacate.

By Marita Thomas | Updated on March 19, 2007

PHILADELPHIA-The 230,000-sf building at 11501 Roosevelt Blvd. in the Philadelphia Industrial Park has been sold. It follows by four months the sale of the 430,000-sf neighboring building at 11601 Roosevelt Blvd. These are the two largest properties of seven , which are currently occupied by the Internal Revenue Service, which is restructuring to eliminate many of its paper-processing operations nationwide.

Locally based Binswanger represented the seller, identified as Ridaj Associates, and the buyer, a limited partnership identified by the building’s address, in the sales transaction. Frank Binswanger, chairman, tells GlobeSt.com the General Services Administration’s lease, on behalf of the IRS, is scheduled to expire in 2010. He acknowledges that the tenant is permitted to exit in 2008, but says the IRS indicated it would not. “They need to find a new location, and it takes time to find another place,” he says. Binswanger manages the building.

In July 2006, a spokesperson for the GSA told GlobeSt.com that no specific determination of how much of the overall space the IRS leases here, which aggregates 982,000 sf in seven buildings, would be vacated and when. She did acknowledge that the IRS paper-processing operations here would conclude this September. The Philadelphia operation is the largest of 10 such operations nationwide that are being closed because of the public’s rapid acceptance of tax e-filing.

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