(Save the date: RealShareNJ comes to the Hyatt Regency on Sept. 19, New Brunswick, NJ)
PHILADELPHIA—The Philadelphia Stock Exchange building has gone into receivership and has been put up for sale. Trigild of San Diego has been appointed receiver, and it has hired Newmark Grubb Knight Frank to market the high-profile building without a set asking price.
The eight-story structure at 1900 Market St. is a Center City corporate fixture, with anchor tenants including the law offices of Cozen O’Connor, NASDAQ and TD Bank. Due to several recent tenant moves, however, its 450,000 square feet of space is only 74% occupied.
When built in 1981, the building housed the original Philadelphia Stock Exchange. It features a full height, 15,000-square-foot central atrium with a glass skylight. Situated on 1.60 acres encompassing a full city block, 1900 Market also houses nine ground-floor retail spaces.
Trigild’s regional director of real estate east, Josh Hill, says tenants will not be inconvenienced by the receivership. “Our role is to help ensure that day-to-day operations run smoothly and efficiently, as well as help market and position the property,” Hall says. “With its prime location and attractive amenities, we anticipate a successful sale,” he added. “This is a highly desirable asset in a superior location in close proximity to world-class shopping, dining, sporting events, entertainment and hotels.”
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.
