CBRE Arranges Largest Philly Office Sale
ByThe 1.8 million-square-foot Centre Square, a prominent office complex in Philadelphia’s central business district, has come under new ownership in the largest office transaction in the city’s history based on square footage. Acting on behalf of Equity Commonwealth, capital solutions and investment sales provider CBRE Capital Markets orchestrated the sale of the seminal two-tower property to Nightingale Properties LLC for $328 million.
Seller Equity Commonwealth had acquired Centre Square in 2002 for $183.5 million.“The sale is a testament to the acceptance of Philadelphia as a prime office investment market by institutional capital from around the world,”Robert Fahey, an executive vice president with CBRE Capital Markets’ Institutional Properties team, told Commercial Property Executive…
