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New Yorkers may seem like they outnumber locals in terms of active buyers in Philadelphia, but one local just closed the acquisition of a Center City office building.
Stockton Real Estate Advisors and Alterra Property Group sold 1760 Market St., a 15-story, 127K SF tower with its office portion 85% occupied, for $31.5M. The buyer is a firm called Chelsea/Village Associates, which the Philadelphia Business Journal reports is owned by local tax attorney Victor F. Keen.
Alterra and Stockton purchased 1760 Market St. in 2015 for $20M, then spent another $4M renovating the entranceway, elevator and mechancial systems, as well as a shared conference area and café for office tenants. They retained JLL Managing Director James Galbally and Senior Vice President Brett Grifo to sell the property, and JLL also secured a five-year loan from Key Bank as acquisition financing for Keen.
Keen, who also owns property in New York and a building on Spring Garden Street, plans to further renovate the property — specifically the 15th floor, which currently houses mechanical systems but which Keen told the PBJ could be converted to more offices with a potential roof deck. Keen also plans to update some hall carpeting and bathrooms. Stockton will stay on as property manager for the building, according to the PBJ.
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