1515 Market St. in Center City set to trade for $85M

November 11, 2014

A Florida real estate company has put 1515 Market St. under agreement for roughly $85 million, or $170 a square foot, according to sources familiar with the transaction.

Accesso Partners of Hallandale Beach, Fla., will be entering the Philadelphia market when it closes on its purchase of 1515 Market. The building was expected to
trade for roughly $85 million.

Accesso used to be known as Beacon Investment Properties and it targets commercial office building in cities and suburbs throughout the United States.

The 20-story office property totals 502,000 square feet and has Temple University as a long-term anchor tenant. The university occupies nearly 128,000 square feet, and the school recently renewed its lease to occupy its space through June 2022. Other tenants include Sweeney & Sheehan, Heffler Radetich & Saitta and the state of Pennsylvania. It is 87 percent occupied.

The building has 15,189 square feet of retail space.

JLL is arranging the transaction.

 

 

From: bizjournals.com