{"id":15538,"date":"2018-02-21T08:15:15","date_gmt":"2018-02-21T08:15:15","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=15538"},"modified":"2026-04-07T14:51:32","modified_gmt":"2026-04-07T11:51:32","slug":"iconic-philly-high-rise-switches-owners","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/iconic-philly-high-rise-switches-owners\/","title":{"rendered":"Iconic Philly High-Rise Switches Owners"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>The <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/pa\/philadelphia\/pnc-bank-building\/\">PNC Bank Building<\/a>, one of the landmarks of the Philadelphia central business district, has changed its owner. The iconic high-rise was sold by Equity Commonwealth to American Real Estate Partners (AREP), the former owner of <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/pa\/philadelphia\/two-liberty-place\/\">Two Liberty Place<\/a>.<\/p>\n<div id=\"attachment_15539\" style=\"width: 250px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-15539\" class=\"wp-image-15539 size-medium\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/pnc-bank-building-240x300.jpg\" alt=\"\" width=\"240\" height=\"300\" \/><p id=\"caption-attachment-15539\" class=\"wp-caption-text\">1600 Market Street, Philadelphia (Yardi Matrix)<\/p><\/div>\n<p>The transaction, which closed at $160 million, was orchestrated by HFF. The brokerage services provider also worked with AREP to secure a three-year, floating-rate financing loan for the acquisition.<\/p>\n<p>The tower located at <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/pa\/philadelphia\/pnc-bank-building\/\">1600 Market Street<\/a> was built in 1982 on the site of the Fox Theatre and was completely renovated in 1997. The new owner plans to further recondition the Class A office building in order to amenitize it and heighten the retail experience. Currently, the 825,968-square-foot dark glass skyscraper features 10,000 square feet of retail and an on-site conference center.<\/p>\n<p>Enjoying a \u201cMain &amp; Main\u201d location in <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/pa\/philadelphia\/\">Center City<\/a>, the 39-story property attracts a wide array of high-profile tenants. PNC Financial Services, after which it was named, is the largest one. According to <a href=\"https:\/\/www.yardimatrix.com\/\"><em>Yardi Matrix<\/em><\/a> data, the tower is highly popular among law firms, its tenant list including names like McCarter &amp; English LLP, Schnader Harrison Segal &amp; Lewis LLP, and Bezark Lerner &amp; De Virgilis. At the time of the sale, 1600 Market St. was 84% leased.<\/p>\n<p>The 491-foot-tall high-rise is the 16<sup>th <\/sup>tallest building in Philadelphia. The Center City asset is a transit-oriented property located within a quarter mile of five public transport stations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The PNC Bank Building, one of the landmarks of the Philadelphia central business district, has changed its owner. The iconic high-rise was sold by Equity Commonwealth to American Real Estate Partners (AREP), the former owner of Two Liberty Place. The transaction, which closed at $160 million, was orchestrated by HFF. The brokerage services provider&hellip;<\/p>\n","protected":false},"author":60,"featured_media":15540,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,38,39],"tags":[],"class_list":["post-15538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Iconic Philly High-Rise Switches Owners - CommercialCafe<\/title>\n<meta name=\"description\" content=\"One of Philadelphia&#039;s most recognizable office towers has sold, as investors target high-profile properties in the city&#039;s competitive downtown market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/iconic-philly-high-rise-switches-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iconic Philly High-Rise Switches Owners\" \/>\n<meta property=\"og:description\" content=\"The PNC Bank Building, one of the landmarks of the Philadelphia central business district, has changed its owner. 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