Philly Creative Office Asset Trades for $29M
- Oct 19, 2017
Stoltz Real Estate Partners acquired a Class A creative office building in Philadelphia. Paul V. Profeta & Associates sold the 100,998-square-foot asset for $28.8 million.
The four-story property is located at 2300 Chestnut St. and features a unique hardwired undersea infrastructure that connects North America and all the other continents, in addition to dual power grid connectivity. According to Yardi Matrix, the asset was built in 1910 and previously served as a car dealership and a warehouse. It was converted to office in 1982, but it has kept some of its original architectural features such as loft-style windows, exposed brick walls and wood-beam ceilings.
Situated in Philadelphia’s revitalized Center City area, the transit-oriented property provides easy access to a nearby Amtrak station, multiple SEPTA lines and major roads such as interstates 676 and 76. Notable tenants include Vanguard and Saxby’s.
JLL Managing Director James Galbally and Senior Vice Presidents Brett Grifo, Chad Orcutt, John Plower and Erin Miller brokered the sale on behalf of both parties.
“Class A creative office space is rare in Philadelphia’s Center City, and 2300 Chestnut epitomizes what investors are looking for as tenants continue to pay a premium for creative space throughout the CBD,” Galbally said in a prepared statement.
Image courtesy of Yardi Matrix