Shorenstein to Buy 1818 Market Street For $203 Million

Photo credit: Wikimedia Commons.

Three years after buying Two Liberty Place (Philadelphia’s third tallest skyscraper), San Francisco-based Shorenstein Properties sold it and vanished from Philadelphia’s real estate scene. Now, the Business Journal’s Natalie Kostelni says the company is gearing up for its return to the city:

Shorenstein is trying to strike a deal to buy 1818 Market, a 37-story, 940,000-square-foot building, for an estimated $203 million, according to people with knowledge in the matter. The company is expected to put the building under contract this week, according to sources. If all goes as planned, Shorenstein could close on the transaction in the next 60 days.

1818 Beneficial Bank Place, the official name of the building, is occupied by 63 firms and includes the headquarters of Beneficial Bank, Five Below, and, ahem, Philadelphia magazine.

1818 Market St. in Center City nearing deal to be sold for $203M [Philadelphia Business Journal]