Equity Commonwealth continued its asset sell-off by entering into a contract to sell one of its last remaining Philadelphia buildings.
The Chicago-based REIT led by Sam Zell is selling 1600 Market St. to Virginia-based American Real Estate Partners for $160M, the Philadelphia Business Journal reports. The 39-story, 826K SF office tower counts PNC Bank as its largest tenant, though it shrunk its space in the building by 120K SF when it renewed its lease last year. According to the Philadelphia Inquirer, the building is 84% leased.
With this transaction and last year's record sale of the Centre Square complex to Nightingale Properties, Equity Commonwealth is down to one remaining Center City asset: 1735 Market St., also known as the BNY Mellon Tower.
American Real Estate Partners used to own the Two Liberty Place skyscraper a couple of blocks away from 1600 Market, marking this buy as its re-entry into Center City's office market. Coretrust Capital Partners, based in Philly and Los Angeles, is Two Liberty's current owner.
CORRECTION, JAN. 25, 4:30 P.M. ET: A previous version of this article listed American Real Estate Partners as the current owner of Two Liberty Place. This article has been updated.
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