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Arts & Crafts Holdings Buys Electric Factory Building

The building containing the Electric Factory concert venue in Philadelphia

The office building where the Electric Factory concert venue is located has been sold.

Philadelphia-based Arts & Crafts Holdings purchased the building from an ownership group featuring Myron J. Berman for $20.1M. The building is 35% leased and also counts a School of Rock location and a recording studio, Milkboy, among its tenants, the Philadelphia Inquirer reports.

Arts & Crafts adds to its portfolio of buildings in the area between Broad and Front Street just north of Center City, which was recently rezoned for mixed-use buildings and features a portfolio of properties, dubbing the area Callow East. The company has not announced any plans for the Electric Factory building, though it is redeveloping other recent acquisitions into creative office space.