The Taylor-Zang retail group of the local office of Marcus & Millichap, led by senior associate Dean Zang and Mark Taylor, senior investment associate, represented both the buyer and the seller. Both are entities identified only by the property's address. Dean Zang says there were a half-dozen offers within the first week of marketing, and within two weeks, the winning offer was struck at 98% of the listing price.

This is despite his acknowledgment that the market is "slowing or correcting itself due to the changes in the capital market," he says. "The buyer-types ranged from a New York City 1031 buyer to several well known local groups, and it exemplifies that assets in A locations are still in high demand."

Built in the 1930s, the building has interesting architectural features. The location is just across from the Shoppes at Liberty Place and within two blocks of Rittenhouse Square, which gives it high traffic and a strong daytime population. However, the chief advantage comes from the revitalization of Chestnut as a retail corridor, which Zang says, "has benefited from the flow of retailers seeking to enter the marketplace.