Philly bank building sells for $169/sq ft

PNC Bank's operations center at 8800 Tinicum Boulevard, near I-95 and the airport, was sold for $74.7 million to Cole Real Estate Investments, of Phoenix, Ariz. (Photo from

Liberty Property Trust, Malvern, says it has sold PNC Bank's 441,000 sq. ft. operations center at 8800 Tinicum Blvd., bordering I-95 near Philadelphia International Airport, for around $74.7 million.

PNC's lease on the property has 12 more years to run. The buyer is Cole Real Estate Investments, Phoenix, Ariz. Liberty built the facility for PNC in two stages, ending in 2000.  Cole's Bob Corry negotiated terms with Liberty's rep, Robert Fahey of CBRE.

The price beats the last few Center City office sales we reported. But "the sale is no reflection whatsoever" on Liberty's future interest in Philadelphia, spokesman Jeanne Leonard told me in a note. This building, literally on the way out of town, is one of those assets "with long-term leases with high-quality tenants, (which) are very attractive to buyers seeking stable income," she added.

"Liberty is in the value-creation business - we created a lot of value with the development of this facility, and we intend to recycle the proceeds from this sale into new opportunities... One of the most attractive spots for deployment of Liberty's capital at the moment is right up the street at the Navy Yard, where we've already developed more than a million square feet and invested approximately $250 million" in developments like the Tastykake bakery and offices for drugmakers GlaxoSmithKline and Iroko, among other projects. (An earlier version of this item wrongly credited to Liberty another project the company didn't build. Joe's fault.)