Equity Commonwealth Closes on $328M Sale of Centre Square East & & West Towers

Equity Commonwealth (NYSE: EQC), a Chicago-based, self-managed public REIT, has actually closed on its previously announced sale of the Centre Square East and West Towers at 1500 Market St. in Philadelphia, PA.

. Nightingale Properties LLC, a New York-based landlord, has picked up the workplace residential or commercial properties for a gross list prices of $328 million, or about $186 per square foot. CBRE Capital Markets reports that at 1.76 million square feet, it is the biggest single-asset workplace deal by square video footage in the city’s history.

The seller had gotten the home in October 2002 for $183.5 million ($104/ SF) from Metropolitan Life Insurance CC, Inc., inning accordance with CoStar information.

See CoStar COMPS # 698800.

The 43-story West Tower totals 957,804 square feet on 1.5 acres in the Market Street West submarket while the nearby East Tower amounts to 801,389 square feet over 36 floorings. Found adjacent to Dilworth Park and City Hall, the twin towers were 91 percent rented at the time of sale to numerous tenants including the University of Pennsylvania Health System, Towers Watson, PHMC, Saul Ewing, Dilworth Paxson and home loan insurance provider Radian.

Centre Square was developed by designer Vincent G. Kling & & Partners in 1974 and was remodelled in 1991. A renowned part of Philadelphia’s skyline and its CBD, the complex includes covered parking with 450 stalls, a 45-foot Clothespin art sculpture in its expansive front plaza, a 41,000-square-foot retail component with a number of shops and restaurants, 12-foot slab heights in the workplace, 35 guest elevators, on-site conferencing facilities and banking, a glass-domed atrium, access to public transit, on-site management, and LEED registration, Energy Star label and BOMA 360 classification.

Nightingale Characteristic prepares to do a substantial renovation at Centre Square. Founded in 2005, the firm manages a portfolio totaling 11 million square feet of industrial area spanning 22 states, consisting of a number of properties in Philadelphia like 1635 Market St., 1500 Spring Garden St. and 1835 Market St.

The purchaser has actually maintained CBRE’s office leasing group led by Christian Dyer and Nick Gersbach to continue renting efforts at the property, as they have provided for the previous 15 years.

“Centre Square is a major part of Philadelphia’s material and brought in financier interest and capital dedications from around the globe,” said Robert Fahey, executive vice president with CBRE Capital Markets in Philadelphia. “It is the best-located set of office towers in the Philadelphia CBD. We are honored to have actually been chosen to represent Equity Commonwealth in the sale of this landmark property.”

Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ institutional properties group represented the seller in marketing and sales negotiations. The buyer managed the deal in-house.

Please see CoStar COMPS # 3962312 for extra info on this deal.

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