Liberty Property Trust sells Philly office asset
Liberty Property Trust has sold a Class A office tower in the heart of Philadelphia to Penn Medicine for $99 million.
Currently, The University of Pennsylvania’s health system is the sole tenant at the 153,242-square-foot property, located at 800 Walnut St. The deal marks the highest sale of an office building in Philadelphia based on tis price per square foot.
Located in the heart of Center City, 800 Walnut St. sits on 1.6 acres and features first-floor retail and eight levels of parking. The office building is one block from Washington Square and two blocks from Independence National Historical Park, where the famed Liberty Bell is housed.
Liberty spent $48.5 million in 2013 to develop the 20 story property for Penn Medicine. The firm secured a $45 million loan in 2012 from Northwestern Mutual Life Insurance Co. to finance construction on the office building. That loan’s term is up in February 2034. The firm used a portion of the proceeds from the sale to repay $35.9 million of mortgage debt on the property.
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