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NYC-based Cohen Equities has officially entered the Philadelphia market.
Cohen purchased a portion of 801 Market St, an office condominium filling over 382k SF. The parcel makes up the seventh to the 13th floors of the building, and it's currently 54.7% occupied. The largest occupants are Community Behavioral Health at 112k SF and the General Services Administration at 173k SF, according to the Philadelphia Business Journal.
Cohen Equities already has one property in the surrounding area; it purchased a 155k SF office building at 150 South Warner Road in King of Prussia earlier in the year.
This more recent purchase represents a companywide shift towards central business districts, as 801 Market St is solidly in the burgeoning Market East section of Center City, just a couple of blocks away from the massive, under-construction East Market development. [PBJ]
