Kramer and Lou Battagliese, a Jackson Cross partner, represented MCS in the transaction. Craig Scheuerle, SVP in the local office of Grubb & Ellis, represented the building owner, Chicago-based Transwestern Investment Co.
Transwestern acquired a majority stake in the building along with 1700 Market St. from Chicago-based Equity Office Properties for $172.2 million in November 2004. It has since renovated the lobby of the 1601 property and upgraded building systems. According to Grubb, which is exclusive agent for the 681,000-sf building, it is now 93% leased.
MCS was founded here in 1979 as Medical Copy Services. It has since diversified and expanded to offer on-site support to copy centers, mailrooms and file rooms for law firms and other corporations. The Market Street location is its corporate headquarters as well as its Philadelphia regional office.
Jackson Cross is an affiliate of Oncor International and NorthMarq Capital. It also has offices in King of Prussia, Wilmington, DE and Bridgeport, NJ.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
