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Thor Equities Pays $41.8M for Philadelphia Property

PREIT, The Macerich Company Sell Fashion District Office Condo
February 21, 2018
Thor Equities has acquired a three-story office condo in Philadelphia, PA from Pennsylvania Real Estate Investment Trust (PREIT) and The Macerich Company for $41.8 million, or about $195 per square foot.

The office building delivered in 1975 with renovations completed in 2004 in Philadelphia’s Fashion District. The condo totals 214,000 square feet in a 430,000-square-foot building. The condo is currently leased to Health Partners Plans.

Both parties handled the direct sale in-house.

Please see CoStar COMPS #4141629 for more information on this transaction.
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