“The Center City Market Is on Fire”
The former AAA at 2040 Market Street is almost completely rented and many units are occupied–despite the fact that it’s still under construction. Now there’s an added twist: It’s back on the market.
Jones Lang LaSalle broker Christine Espenshade, who’s handling the sale, told Natalie Kostelni that the building could sell for as much as $140 million, which might set a Philly record. “The Center City market is on fire,” she told Kostelni.
Espenshade says potential buyers are not discouraged by the construction because residents are already living there. And it’s true–we got a call not long ago from someone who had moved in well before the building was done, and he said he really wasn’t bothered much by the construction, which is set to be finished in two weeks.
· Still under construction, apartment complex expected to sell at record price [Biz Journal]