PHILADELPHIA – Independence Blue Cross has acquired the landmark, 45-story, class A, office tower at 1901 Market Street in downtown Philadelphia from the Atlanta-based REIT, Piedmont Office Realty Trust, in a $360 million transaction.
The 800,000-square-foot tower has been exclusively leased to the health insurance company, serving as its headquarters, since the property's completion in 1989. Piedmont Office Realty Trust has owned the asset since 2003.
Selling for $450 per square foot, the transaction represents the disposition of Piedmont Office Realty Trust's sole Philadelphia asset. As a result of the sale, 96% of the REIT's annualized lease revenue is now generated from its seven core markets, primarily from its Sunbelt locations.
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