Former Gallery mall office space sold to N.Y. buyer for $41.8 million

Artist’s rendering of the section of the former Gallery at Market East shopping mall that houses 907 Market St. offices, after redevelopment into what’s being called Fashion District Philadelphia.

Thor Equities LLC of New York has purchased the 214,000 square feet of office space inside the former Gallery at Market East shopping mall between Ninth and 10th Streets on Market Street from retail landlords Pennsylvania Real Estate Investment Trust and Macerich.

Thor paid $41.8 million for the offices occupied by Health Partners Plans, a nonprofit insurer, spanning the three top stories of the 907 Market St. section of the Center City mall property, it said in a release Tuesday.

The deal completes efforts by PREIT of Philadelphia and Macerich of Santa Monica, Calif., to sell off all the office space at the former Gallery, which they are redeveloping into a new retail project called Fashion District Philadelphia.

The companies previously sold the offices at 801 Market St., built in the 1930s as a Strawbridge & Clothier department store, to Cohen Equities and Taconic Capital of New York.

Thor owns more than 160 commercial properties valued at $10 billion in markets including New York, San Francisco, Los Angeles, Paris and London. The 907 Market St. acquisition is its first Philadelphia asset.

Real Estate Tools
Looking for a new home? Search Philadelphia real estate »
Browse Recent Home Sales »
Compare Philadelphia mortgage rates »
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue
Help us moderate this thread by flagging comments that violate our guidelines

Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Load comments