Shorenstein Sets Sights on Philadelphia’s 1700 Market
San Francisco-based Shorenstein Properties may have its eyes on another office building in Philadelphia.
The real estate investor is looking into 1700 Market, a 32-story, 842k SF building in Center City, Philadelphia Business Journal reports. Estimates value the building at a little over $200M. A partnership including Nightingale Properties purchased the building in 2011 for $143.5M and placed it back on the market this past February. Plans for a 30k SF addition that will house two restaurants have been in the works and are expected to proceed.
Earlier this year, Shorenstein invested in another property in the area. The company purchased 1818 Market St, a 37-story, 940k SF office building for $185M. Shorenstein plans to invest another $20M into the property for upgrades. [PBJ]