PHILADELPHIA, PA—Shorenstein Properties has acquired 1700 Market Street, an 848,000 square foot class A office tower in Philadelphia's Center City submarket. The firm declined to comment beyond its press release, and declined to disclose the purchase price, but published reports indicate the sale price was around $200 million.
As previously reported by GlobeSt.com, this is the company's second major purchase in Philadelphia and it now owns more than 1.8 million square feet of prime office space in Center City's popular Market Street West submarket. Shorenstein recently began the initial phases of a renovation of 1818 Beneficial Bank Place, the class A Market Street West office tower it acquired in April 2015.
As with 1818 Beneficial Bank Place, Shorenstein plans to invest capital to further improve 1700 Market's tenant appeal and make it one of the most desirable locations in the city for companies seeking highly efficient, differentiated space.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
