iStar Financial owns a whole buncha units in Two Liberty Place that were going to be sold as condos, with prospective owners joining Two Liberty owners like Chase Lenfest, Stephen Thorne, Tom Knox and probably a Sixer or a Phillie or a Flyer or two. But it is not to be. Instead, iStar is selling the space for a hotel through Jones Lang LaSalle.
Here’s what we know from the marketing brochure of the space (which you’re also free to read at the bottom of the page):
Name: Liberty Tower Hotel
Competitive advantage: Higher than any other hotel in the city
The building’s current office space: 99% leased to major tenants including but not limited to CIGNA, which occupies 450,000 square feet
The brochure mentions the proximity to the Barnes Foundation three times, the Convention Center twice, City Hall once and SEPTA’s City Hall station zero times. It also notes the presence of the Westin, which recently sold for a record $500,000 per room; the 150,000-square-foot Shops at Liberty Place; and the Residences at Two Liberty, whose sales have been averaging in excess of $800 per square foot.
The always scoop-y Natalie Kostelni of the Philadelphia Business Journal broke the story, which she’ll be fleshing out tomorrow in the newspaper’s cover story. Here’s what that means: People will have to purchase a print edition of a publication. PRINT. Remember that? Stop reading this blog and get your hands inky!
- Part of skyscraper to be sold, converted to hotel: Exclusive [Business Journal]