Centre Square, the 1500 Market Street Philly office space complex best known for Claes Oldenburg’s giant “Clothespin” art sculpture in its front plaza, was sold for $328 million this month to New York-based Nightingale Properties, according to Philly.com. The website called the deal the largest office transaction based on square footage in Philadelphia office space history.
The sale of the complex, with a 36-story East Tower and a 43-story West Tower containing 1.76 million square feet of Philly office space, ends a year-long search for a buyer. Philly.com said Chicago-based Equity Commonwealth put the property on the market in March 2016.
Nightingale Properties, a real estate investment company, told Philly.com it plans to extensively renovate this Philadelphia office space, which was built in 1974. Previously, the group purchased 1700 Market Street and then sold it after property improvements. Nightingale – according to its website – currently owns three other Philly office space buildings: 1500 Spring Garden Street, 1835 Market Street, and 1635 Market Street, all multistory office buildings in Center City.
Current Centre Square tenants mentioned in the Philly.com article include the University of Pennsylvania Health System; Towers Watson, a global advisory and broking and solutions company; law firms Dilworth Paxson and Saul Ewing; Public Health Management Corp.; and Radian, a mortgage insurer. A 450-car parking garage and a 41,000-square-foot retail component with shops and restaurants are also located in the complex. At the time of the sale, the Philadelphia office space building was 91.2 percent leased.
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