The 2000 Market Street building in Center City, which is currently owned by New York-based owner Nahla Capital, is now up for sale, writes Paul Schwedelson for the Philadelphia Business Journal.
The eventual sale could go a long way toward indicating how much Philadelphia office buildings are worth in this post-pandemic environment.
It remains to be seen what the prospective buyer will do with the building. However, according to CBRE listing agent Jerry Kranzel, each one believes the building can remain as office space.
“There’s no real strategy or contemplation of any kind of multifamily conversion. It would make no sense,” said Kranzel. “It’s too well occupied and it’s too successful as an office building.”
Located in the heart of Philadelphia’s central business direct, the building has 29 stories. There is 668,335-square-feet of office space, and is currently 68 percent leased.
Nahla Capital purchased the building in 2018 for $126.4 million.
While Kranzel has not specified the potential sale price as it goes on the market this time, he acknowledged it would be a “significant discount” from the 2018 price.
Read more about the 2000 Market building and why it can determine office building’s value in Philly in the Philadelphia Business Journal.
_____
