A five-story Center City West office building currently owned by American Red Cross is going up for sale, writes Paul Schwedelson for the Philadelphia Business Journal.

The 52,676-square-foot building was most recently assessed by the city at $12.2 million.

It being on the market presents another conversion opportunity in an area of Philadelphia that has seen several development projects in recent years.

According to marketing material from JLL, the brokerage handling the sale, the building could be converted into a multifamily residential or life sciences lab space.

Given that the property is in a CMX-4 zone, it allows for a mix of uses and up to 80,414 square feet or space by right. Additional bonuses could increase the building to 144,747 square feet.

American Red Cross bought the building in 1973, a year after it was built, according to property records. It serves as its Southeastern Pennsylvania regional headquarters.

Red Cross spokesperson Dave Sputnik said 30 employees working at the location will be relocated to 700 Spring Garden Street, one of Red Cross’ largest offices in the country at 240,000-square-feet.

Industry experts estimate the Center City West building could sell for around $6.5 million.

Read more about the latest Center City building going up for sale at the Philadelphia Business Journal.

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