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PHILLY: Adding Beds to Eds, Meds, and Feds

National Multifamily

It sounds like Dr. Seuss wrote our headline, but that's what's happening at Curtis Center, a 12-story, 885k SF landmark office building that's been snapped up by Keystone and Mack-Cali from Apollo for $125M. It was built in 1910 as the HQ for Curtis Publishing Co (Ladies' Home Journal and The Saturday Evening Post, among others), and now the new owners will convert 90k SF of vacant offices into 90 high-end apartments. (New tenants may even find an old stapler or the missing user manual for the fax machine.) More offices may be converted as leases expire, but Keystone CIO Chip Walters tells us it's important that the Class-A property continue to be marked by a strong office presence. (Among its tenants are the GSA and Jefferson University Hospitals.) Corner restaurants with outdoor dining are also in the works.