PHILADELPHIA−Keystone Property Group and Mack-Cali Realty Corp. had jointly acquired the Curtis Center building overlooking Independence Hall and Washington Square Park here for $125 million. They plan a “dynamic” repositioning that includes luxury rental apartments and new retail space.
The companies paid all cash for the iconic office and retail building. The Curis Center acquisition is the latest in a series of deals made jointly by Pennsylvania-based Keystone and New Jersey-based Mack-Cali. Executives said that the deals are in line with the corporate strategies of each firm:
- Keystone's expansion into projects that create “lifestyle-oriented business environments” and
- Mack-Cali's push into the muti-family rental arena.
About 90 rental apartments will be created within about 90,000 square feet of existing office space, according to the companies. They said possibilities for additional housing will arise as office leases expire and more space becomes available.
Curtis Center comprises 885,000 square feet and occupies an entire block in Center City. Current tenants include the General Services Administration as anchor tenant and ground-floor retailers.
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