|Number of units||322317|
|Call for Offers||2022-05-19|
Jones Lang LaSalle Americas, Inc (“JLL”), has been retained on an exclusive basis to arrange the sale of 1701 Market Street (the “Property” or “1701 Market”), a 305,170 square foot, 18-story, mixed-use tower located in the heart of Philadelphia’s thriving Central Business District (or “CBD”). The pending departure of Morgan Lewis upon its lease expiration on January 31, 2024 offers a rare opportunity to acquire a value add mixed-use tower that can accommodate a variety of future uses while beneﬁting from the asset’s trophy location in the heart of Philadelphia’s CBD.
GENERATIONAL REDEVELOPMENT OPPORTUNITY
- 1701 Market provides an unprecedented opportunity to acquire a mixed-use asset that stands 18-stories tall in the heart of Philadelphia’s thriving Central Business District. The tenant for the 6th–18th ﬂoors will be vacating in January 2024 allowing ownership to reposition the asset as a multi-tenant office building, luxury residential high rise, medical office or hotel use at the site.
SECURE INCOME STREAM ALLOWS FOR STRATEGIC PLANNING
- With all 289,432 SF of office space leased to Morgan Lewis until January 31, 2024, and income from the 197-stall parking garage and its diversiﬁed retail tenancy located at the premier corners of John F Kennedy Blvd and Market Street, the asset allows an investor to beneﬁt from a secure income stream while they begin to strategize future redevelopment or remodeling options for the Property.
MAIN & MAIN LOCATION
- 1701 Market boasts the quintessential “Main and Main” location and occupies an irreplaceable position in the Market Street West submarket. The Property is located between the Comcast Center and Liberty Place in a micro-market with a long-standing reputation as the hub for trophy, credit office and retail tenants in Center City.
- The Property has a signiﬁcant competitive advantage within its peer set due to its central location within the heart of Comcast Alley, which is Philadelphia’s most recent and exciting development project. Since 2015, $2.5 billion has been invested in this micro market as Comcast and other major employers look to be located near the live-work-play environment with proximity to various luxury retailers and restaurants located near Rittenhouse Square, in the heart of the CBD.
INSTITUTIONALLY OWNED & MAINTAINED
- Current ownership has taken meticulous care of 1701 Market and has spent over $10 million in capital improvements since 2014. With proximity serving as the ultimate amenity, the Property is one of the only buildings in Center City Philadelphia with direct access to Suburban Station. In addition, the asset’s main and main location provides tenants, employees, and visitors to the building with a short walk to Rittenhouse Square, Philadelphia’s most desired live-work-play destination. Additionally, the building’s connectivity to the below concourse provides a convenient covered pedestrian walkway offering court house access, making the location an attractive choice for law ﬁrms frequently interacting with City, State and Federal courts.