1760 Market Street Sells to a Few Familiar Faces
A tired office building at 18th and Market has traded hands, and you might recognize the names of the new owners.
A joint venture between Alterra Property Group and Stockton Real Estate Advisors (SREA) has closed on 1760 Market Street with plans to bring the Class A office building up to speed with a business district that is rapidly modernizing in an effort to compete in the new-look Philadelphia marketplace.
“We love the building’s location on the 18th Street “spine” that links the Comcast urban campus with Rittenhouse Square,” SREA’s founder, James Paterno, said in an email. Though the terms of the deal were undisclosed, the goal is to attract tech companies and others looking for a boutique setup near the “live/work/play” area west of Broad Street.
Though it might not look like it from the outside, 1760 Market has the bones to become a nice tech hub, especially when the CITC is completed. Paterno said the building’s offset core creates optimal floor plate for open, collaborative (and column free) work spaces with plenty of light: “We’re working on plans to elevate the building’s profile on Market Street, as well as upgrades to the entrance, lobby and common areas.”
Alterra and SREA acquired 1760 Market from for an undisclosed fee from AFIAA, a Swiss pension fund advisor that purchased the building for $19.3 million in 2006. The building was put on the market back in January, and was anticipated to fetch just below what AFIAA had paid around a decade prior. Jacob Adelman of The Inquirer reports the sale closed on September 3.
Both SREA and Alterra have been busy this year. In April, Paterno and company went before the Northern Liberties Neighborhood Association to present plans for the redevelopment of the former Finnigan’s Wake building at 3rd and Spring Garden into millennial-driven office space. That project is still in limbo.
On the other hand, Alterra has been into a number of projects all over Center City, including opening the Avenir at 15th and Chestnut (another millennial-driven project), selling the jaw dropping building at 1616 Walnut (ICON) and redeveloping the former shirt corner in Old City into a mixed-use apartment building dubbed Shirt Corner Apartments.
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