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1500 Spring Garden Trades for $184.5M in Philadelphia

Square Mile Capital Mgmt Sells 1.1M-SF Office Tower
November 20, 2013
A joint venture of The Nightingale Group LLC and Carlton Associates, Inc. acquired the office tower at 1500 Spring Garden St. in Philadelphia, PA from Square Mile Capital Management LLC for $184.5 million, or about $171 per square foot.

Originally built in 1947, the 12-story, 1.08 million-square-foot, 4-Star office tower was renovated in 2002. 1500 Spring Garden sits on 3.9 acres in the Market Street West submarket of Philadelphia. It features surface parking, conferencing facilities, a fitness center, and on-site management.

The asset is 90 percent leased, anchored by Sungard Availability Services, Thomson Reuters, Independence Blue Cross, Day & Zimmerman, and CBS Broadcasting. Available space in the building is currently listed with CBRE, with asking rents between $20 and $21 per square foot.

James Galbally and Douglas Rodio with Jones Lang LaSalle represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #2890583 for additional information on this transaction.
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