Approximately 1,000 employees of 11 state agencies currently occupy the building, which is located on a 1.9-acre parcel at the intersection of N. Broad and Spring Garden streets. However, it will be delivered vacant and is offered fee simple, free and clear of debt. It was completed in the mid-1950s and includes a 208-space parking structure.

Stephen Marzullo, SVP, and Robert Fahey, EVP in the Wayne office of CB Richard Ellis, are handling the marketing process and accepting the bids. Marzullo tells GlobeSt.com that the commonwealth's general services department estimated it would take between $60 million and $65 million to upgrade the property into modern office space. He says, "the department determined there were higher, better uses for the asset, and it could use the building sale to generate cash and also subsidize leased space in a class B office building elsewhere Downtown."

The location is in an area bustling with current and planned redevelopment. It is one block from the Inquirer Building, which is also up for sale; near the expanded section of the Pennsylvania Convention Center already under way, and within proximity of several other new, large projects. Marzullo says, "it's a great opportunity for residential condo conversion, hotel, or mixed-use redevelopment."