Market Street Moves: 1700 Market Sold, New Owner Plans Upgrades
The good vibes on Market Street West look like they’re going to keep on rolling, as Shorenstein Properties announced the purchase of the 32-story 1700 Market this week.
The building was put up for sale in February, and speculation that Shorenstein, a real estate company with offices in New York and San Francisco, was looking to buy the 848,000-square-foot building goes back to October. They closed on the property, which was owned by Nightingale Group and investor David Werner, on Wednesday.
1700 Market is a Class A office building, and Shorenstein said it plans to invest in improvements to the property to continue to attract tenants. More importantly, the little-used plaza fronting 17th Street will soon become a new multi-story addition containing three restaurants and a roof deck, which will benefit tenants, nearby office workers and pedestrians alike.
Natalie Kostelni of the Philadelphia Business Journal reports that sources close to the deal peg the purchase price at around $200 million.
Shorenstein looks to be bullish on the Philadelphia market, as they recently purchased 1818 Market (Philly Mag’s home base) and are currently carrying out renovations to its facade and upgrades to common areas.
- Shorenstein buys 1700 Market St. for nearly $200M [Philadelphia Business Journal]
- Building Bump-Outs Will Bring Dining (and Possibly Retail) to Market Street West [Property]