Coretrust Buys Controlling Interest in Iconic Philadelphia Tower
- Oct 25, 2016
By Adriana Pop
Philadelphia—Coretrust Capital Partners LLC, through its investment fund Coretrust Value Fund I, has purchased the controlling interests in multiple Two Liberty Place ownership entities. The seller was Cousins Properties, a partnership advised and led by Parkway Properties Inc. of Orlando. Parkway began looking to exit the property last year.
Designed by Helmut Jahn of Murphy/Jahn Architects, the high-rise is an iconic feature on the Philadelphia skyline, totaling 1.2 million square feet across 58 floors. The property is part of the Liberty Place, a 3 million-square-foot complex that includes the 61-story One Liberty Place office tower, The Shops at Liberty Place, an enclosed mall totaling 145,000 square feet of fashion and consumer retail space, and a 294-key Westin Hotel.
Completed in 1990, Two Liberty is the third-tallest skyscraper in Philadelphia. The tower was originally constructed as the headquarters for Cigna, which now occupies approximately one third of the office space in the building. Tenants at the property have access to an array of amenities, including a full-service café, conference facility and professionally managed fitness center. According to Yardi Matrix, the building also incorporates 122 privately owned condominium residences and 13,000 square feet of retail space.
Coretrust is now planning to invest in maintaining Two Liberty’s high-end market profile by upgrading common areas with special emphasis on the tenant arrival experience and amenity spaces.
“We are very pleased to have this opportunity and look forward to activating our plans to build on the heritage of this outstanding property,” Randall Scott, Coretrust principal, longtime Philadelphia resident and downtown office owner, said in prepared remarks.
Image courtesy of Yardi Matrix