Shorenstein Acquires 1700 Market Street, Its Second Center City Office Building

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.