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Shorenstein Completes Purchase of Second Center City Office Building

1700 Market Street offers tenants efficient, flexible space in Market Street West

Philadelphia, PA – January 6, 2016 – Shorenstein Properties LLC, a private real estate investment firm and fund sponsor engaged in the ownership of high quality office and mixed-use properties nationwide, has completed the purchase of 1700 Market Street, an 848,000 square foot Class A office tower in Philadelphia’s Center City submarket. 

This is the company’s second major purchase in Philadelphia and it now owns more than 1.8 million square feet of prime office space in Center City’s popular Market Street West submarket. Shorenstein recently began the initial phases of a renovation of 1818 Beneficial Bank Place, the Class A Market Street West office tower it acquired in April.

As with 1818 Beneficial Bank Place, Shorenstein plans to invest capital to further improve 1700 Market’s tenant appeal and make it one of the most desirable locations in the city for companies seeking highly efficient, differentiated space.

Located just one block east of Beneficial Bank Place on the corner of Market and 17th Streets, 1700 Market offers a broad range of tenants a great location, efficient 30,000 square foot floor plates, high ceiling heights, impressive window lines, and more than 675 dedicated parking spaces.

 

About Shorenstein Properties LLC

Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York.  Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million.  Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns.  Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures.  These funds have invested in properties totaling 60.6 million square feet in transactions with a gross investment value in excess of $14.3 billion.