Two Liberty offices sold for $219M in second biggest deal of 2016

The office portion of Center City's Two Liberty Place tower sold last month for $219 million in Philadelphia's second biggest commercial real estate deal so far this year.

The sale price for the 941,000-square feet of offices was revealed in a Nov. 1 release from Cousins Properties Inc. of Atlanta, which sold an interest in the property during its most recent quarterly earnings period. 

Cousins had acquired the Two Liberty offices through an earlier merger with Orlando, Fla.-based Parkway Properties.

Coretrust Capital Partners LLC of Los Angeles said on Oct. 20 that it had acquired the office portion of the Center City tower through the purchase of "controlling interests in multiple Two Liberty Place ownership entities."

The Two Liberty tower at 50 S. 16th St., which opened in 1990, comprises a total of 1.2 million square feet, including luxury condominium units, a shopping center and a Westin hotel that are under separate ownership.  

Among this year's commercial real estate transactions, the offices' $219 million price tag is second only to Brandywine Realty Trust's sale of the former 30th Street Post Office, now offices, for $354 million.

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