Office condo segment of Two Liberty Place put up for sale - Philadelphia Business Journal:

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of Miami and an unnamed institutional investor retained to markety the property as a way to bringf in another equity partner inthe skyscraper'es office space. The space, demarcated as an office totals 933,548 square feet in flooras threethrough 36. The upper portion of the 57-story building has been convertef into residential condos and is not part of thispotentiap transaction. What percentage of the office building the current owners are seeking tosell couldn'y be determined. Eastdil has a policy not to publiclgy comment and an executiveat America'as Capital couldn't be reached for comment. The buildin is 98.
1 percent leased up with just 8 percentg of the leases expiring in the nextfive years, accordintg to a marketing brochurw put out by Eastdil. Some of Two Liberty's tenants includwe , law firm Buchanan Ingersoll andUnisys "The property offers an investor the rare opportunith to invest in an iconic office tower in Philadelphia'z prestigious Market West submarket at substantially beloww replacement cost," said EastDil'se marketing materials. America's Capitaol bought the building in 2005for $151 If the entire offic e condominium were to sell, it could fetcu somewhere in the area of $200 million, according to one estimate. At the roughly 800,000 square feet of the 1.
2 million-square-foog building was vacant afterAce Ltd. left for 436 Walnutf St. and Cigna renewed in the buildingf but in less What to do with the space prompted the new owner to consider its Atthe time, a hot residential condio market and lesser office market convinced the ownerz to convert the upper floorse from 37 to 57, or roughlty 300,000 square feet, into luxur y condos. Now the markets have shifted. The downtowbn office market is tight, especially at the top trophuy towers, and overall residential condo activituhas weakened.