PHILADELPHIA—The 37-story A office tower 1818 Beneficial Bank Place, turned around from approaching foreclosure two years ago by Sovereign Capital Management Group Inc., is now for sale in a much healthier market as a trophy.
"We're extremely pleased with both the building's recovery and the renaissance taking place in Philadelphia's central business district," said Sovereign's CEO, Todd A. Mikles. "Philly's CBD is now experiencing considerable compression in cap-rates, along with significant increases in rents, occupancy, and price-per-square foot."
"We've already received tremendous interest and expect a robust bidding process and record-breaking pricing for this trophy Philadelphia asset," Mikles said.
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