The 9,685-square-foot property is anchored by Wachovia Bank, which has a NNN lease through 2024. The building is 70% leased with 2,747 square feet on the market. Gramercy acquired the building as part of a national bank portfolio which was grandfathered in when the corporation purchased American Financial Realty Trust in March of 2008. The property was considered underperforming, along with roughly 80 other properties that came from the troubled REIT.
CBRE Philadelphia Metro Private Client Group VP Douglas Rodio, along with EVP Peter Stevens and senior associate Jim Pasquarella of CBRE's Investment Properties Group repped Gramercy. Stevens and Pasquarella are the exclusive listing agents for Gramercy's portfolio.
Gramercy recently went through a series of executive changes, which began with president and CEO Marc Holliday stepping down. Roger Cozzi replaced Holliday as CEO and Timothy O'Connor took over as president.
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.
