The sale of the 1.76 million-square-foot office complex is one of the largest real estate transactions based on square footage in the city's history.
The private-equity giant joined Korman Residential Properties of Blue Bell in acquiring the 26 story, 276-unit apartment building.
City officials say the arrangement is a win for taxpayers, because it allows the developer to charge less. But compared with other recent property transactions and historic-renovation projects, it appears to be no bargain.
A Wednesday open house will give the public a chance to see a section of a larger redevelopment scheme, known as the 30th Street Station District Plan.
On any jobsite, their numbers are few, but Philly's crane operators aim to make a big impact on the future of construction in Philadelphia.
Gladstone Commercial Corp. purchased the building at 2 Ash St. from an affiliate of Conshohocken-based Oliver Tyrone Pulver Corp., the building's original developer.
Members of Local 542 of the International Union of Operating Engineers had been out on strike from June 27 through June 30, slowing construction at least 30 sites in the city and the Pennsylvania suburbs.
Department of Licenses and Inspections officials told Toll Bros. representatives Thursday that the agency had deemed the developer's application for a zoning permit to be "abandoned."
The Dublin, Ireland-based biopharmaceutical firm signed its lease at One Commerce Square in May and plans to move into the space next year.
Striking crane operators are "back to work," amid a fragile peace between their union and an organization of building contractors.
The other building trades walked away from the job.
After talks to end a three-day construction slowdown failed Thursday, the union representing crane and backhoe operators said it will protest at the new Comcast tower construction site Friday morning, starting as early as 6 a.m.
The Malvern-based developer plans to fund future acquisitions and development projects with proceeds from the sale of the buildings.
Three years after developer Eli Kahn first proposed a patch of undeveloped space at the corner of Church and Gay Streets to accompany his retail and office space development - an effort to sweeten the pot for borough officials and honor a deceased partner - he has resurrected the plan.
Talks are set to resume Thursday in the dispute between the General Building Contractors Association of Philadelphia and the union representing crane operators, which has created work stoppages at about 30 job sites.