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Centre Square is Up For Sale

CBRE Markets East and West Towers at 1500 Market Street
April 5, 2016
Equity Commonwealth (NYSE: EQC) has enlisted CBRE to market for sale its Centre Square East and West office towers at 1500 Market St. in Philadelphia, PA.

The Chicago-based, internally-managed and self-advised real estate investment trust acquired the assets in 2002 for $183.5 million, according to CoStar data. See CoStar COMPS #698800.

Centre Square is one of the largest commercial properties in the Philadelphia CBD, known for its size and glass-domed atrium featuring a "Clothespin" sculpture. The property occupies an entire city block at 15th and Market Streets in the heart of Center City.

The 36-story East Tower and 43-story West Tower includes a galleria, retail shops, restaurants and a commuter concourse. The complex totals roughly 1.85 million square feet in addition to a parking garage that can accommodate 415 cars. The complex was awarded an Energy Star Label and the BOMA 360 Designation in 2015.

Robert Fahey and Jerome Kranzel of CBRE will handle the listing for the seller.
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