Centre Square office complex is on the market
Centre Square, the 1500 Market St. office complex known for Claes Oldenburg's 45-foot-tall Clothespin sculpture in its front plaza, is up for sale.
Centre Square, the 1500 Market St. office complex known for Claes Oldenburg's 45-foot-tall Clothespin sculpture in its front plaza, is up for sale.
CBRE executive vice president Robert Fahey, who is handling the listing, said Tuesday that the property was now more than 90 percent leased by tenants including the University of Pennsylvania Health System and the mortgage insurer Radian.
"The building is full of very large corporate tenants . . . with exceptionally long lease terms," Fahey said. "It's a very stable, low-volatility asset."
The 1.76 million-square-foot complex - consisting of a 36-story tower and a 43-story tower - last sold in 2002 for $183.5 million, according to city records. Fahey would not speculate about what it might sell for this time.
Centre Square is the latest Philadelphia property to be listed for sale by Equity Commonwealth, the Chicago-based real estate trust controlled by Sam Zell. The company sold the former One Franklin Plaza building, GlaxoSmithKline's past headquarters, to Philadelphia's PMC Property Group last year.
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