Historic Public Ledger Building Fetches $35M

PHILADELPHIA-Santa Ana, CA-based Triple Net Properties buys the Public Ledger building at 6th and Chestnut Sts. from Washington DC-based Bernstein Cos.' Consortium Two. A Triple Net spokesperson, Yena Hahn, tells the price is "almost $35 million," or close to $76.75 per sf.

Bernstein bought the historic, 12-story, 456,000-sf building in a JV with Cambridge Realty in December 2000 for $31 million and later made cosmetic upgrades to the asset's lobby and common areas. The property is a little more than 80% leased, and the anchor tenant, the Department of Health and Human Services, occupies approximately 140,000 sf. The Downtown Club is located on the building's top floor.

Renowned local architect Horace Trumbauer designed the Georgian Revival-style landmark for publisher Cyrus Curtis. It was completed in 1927 and named after Curtis's then-popular newspaper. The building is currently listed on the National Register of historic properties. A commanding eight-foot statue of Benjamin Franklin stands in its lobby.

This is Triple Net's first Philadelphia acquisition. The company began a move into this region with its acquisition of a premier office building in Wilmington, DE last year. According to published reports, it paid $32 million for the 200,000-sf Delaware property in which the US bankruptcy court occupies approximately 100,000 sf.

Source: GlobeSt
Author: Marita Thomas