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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Philadelphia Newsletters
Related Stories

After Departing Trump Admin, HUD's Former Philly Head Joins Local Planning Commission

Cross Ocean Partners, Fuller Realty Acquire 829K SF Houston Office Campus

NYC Office Investor Warns It Could Go Under As Defaults Pile Up

Deutsche Bank Takes 5 Floors At Oaktree And Quadrant's Canary Wharf Scheme

Coconut Grove Office Flipped For $15M Gain After One Year

D.C.'s Office Market Is Getting A Makeover

Olde Richmond Project Lands $20M Construction Loan: The Philadelphia Deal Sheet

To Rein In Costs, Philly Affordable Housing Players Look To Become 'Less Reliant On Consultants'

Oxford Properties Pays $435M For Boston Office Tower, Eyes More Deals

Shapiro Turns On Pennsylvania Data Centers With Restrictive Executive Order

Judge Rules FBI Can't Scrap Maryland Headquarters Plan

EXCLUSIVE: Opal Holdings' Former 700K SF Suburban Chicago Office Campus Hits The Market