PHILADELPHIA-Transwestern Investment Co. and the Blackstone Group have put the office building at 1700 Market St. up for sale. Chicago-based Transwestern acquired an 89% stake in this building and another at 1601 Market St. in November 2004 from Equity Office Properties Trust, also based in Chicago. The 1601 building may also be in play.
EOP, which was later acquired by Blackstone, retained an 11% share of the two-building portfolio. The Transwestern/Blackstone partnership has enlisted Jones Lang LaSalle to market the 841,172-sf, 32-story asset at 1700 Market St. It is going out unpriced. On condition of anonymity, an area office specialist tells GlobeSt.com it could command up to $200 million.
If so, that would put it close to $237 per sf and represent a significantly profitable flip. According to GlobeSt.com's report on the 2004 acquisition, Transwestern paid $172.2 million for its 89% stake in both properties. They have an aggregate of 1.5 million sf, which means at a 100% aggregate price tag of $193.5 million, the price per sf of the duo was about $129 per sf.
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