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State Puts 19-Story Building Up for Sale

PHILADELPHIA-The minimum bid price for the 299,000-sf office building at 1400 Spring Garden St. is $15 million and bids are due Oct. 15.

By Marita Thomas | Updated on August 28, 2007

PHILADELPHIA-The Commonwealth of Pennsylvania’s Department of General Services has put the 19-story, 299,000-sf office building at 1400 Spring Garden St. out for bid. The solicitation for proposal has a minimum bid price of $15 million, and responses to the SFP are due Oct. 15.

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.”

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