Two Center City Office Buildings On Market Street Go On The Block
Two Class-A office buildings in the business heart of Philadelphia have been put up for sale.
Gemini Rosemont Realty is offering 2000 Market St. after purchasing it from CBRE Investments in 2013 for $110M, and Equity Commonwealth is following up its record sale of Centre Square by putting nearby 1600 Market St. on the block, the Philadelphia Business Journal reports.
Santa Fe, New Mexico-based Gemini Rosemont already attempted to sell the 29-story, 665K SF 2000 Market St. in 2015 before pulling it off the market. Since then, it has secured key renewals from Aetna, the Board of Pensions of the Presbyterian Church and accounting firm Schechtman Marks Devor for a total of 112K SF.
Equity Commonwealth also recently secured a key renewal in PNC Bank at the 39-story, 760K SF 1600 Market St., but the financial institution shrank its footprint in the building by 120K SF. The building is now 80% leased, and stands as a competitor for large tenants with under-construction properties elsewhere in Center City.
Though both properties are well-positioned in Philly's central business district, the office investment market has slowed down markedly as this long cycle draws to a close.