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Boutique Office Building At 1760 Market St. Sells For $31.5M

1760 Market St. in Center City, Philadelphia, as of August 2017

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.