PHILADELPHIA, PA —Accesso Partners of Hallandale Beach, FL, has signed an Agreement of Sale to purchase 1515 Market Street here for $85 million, or approximately $170 per sf. Containing 502,000 square feet of class A space on 20 floors, at the southwest corner of 15th and Market, the building’s anchor tenant is Temple University, which occupies approximately 128,000 sf under a recently-extended space contract that will expire in 2022.
JLL, formerly Jones Lang LaSalle, negotiated the Agreement of Sale now pending closure, according to the Philadelphia Business Journal. Built in 1960 as part of the Penn Center complex, the building has been owned by Stockton Real Estate Advisors, LLC, and is approximately 87 percent leased to tenants that include Sweeney & Sheehan, Heffler Radetich & Saitta and the State of Pennsylvania.
Formerly known as Beacon Investment Properties, LLC, Accesso Partners, LLC, is a commercial real estate investor that owns and managing a 10 million square-foot, $1.5 billion portfolio of office buildings in fast-growing U.S. cities.