Boston-based Winthrop Realty Trust has sold its high-rise office building located at 1515 Market Street, Philadelphia, Pennsylvania for $85 million to Accesso Partners of Hallandale Beach, Florida. After paying off the mortgage and closing costs, Winthrop will net $40.8 million. Stockton Real Estate Advisors owned the building prior to Winthrop but defaulted on a $70 million mortgage. Winthrop acquired the note for $56.85 million in 2012.
1515 is located on the northwest corner of Market and 15th Streets in the heart of downtown Philadelphia, immediately to the west of City Hall. The 20-story, 502,000 square foot building’s location is considered to be one of the premier sites in the Philadelphia CBD.
The building underwent extensive renovations in 2007 and is currently 87% occupied. The anchor tenant, Temple University, occupies about 128,000 square feet and its lease goes through June 2022. Other tenants include Sweeney & Sheehan, Heffler Radetich & Saitta and the Commonwealth of Pennsylvania. The building also has 15,000 square feet of retail space.
JLL arranged the transaction.