Record $328M Philly Office Sale Completed

Centre Square, a two-building, 1.8-million-square-foot, multi-tenant office complex in Philadelphia traded hands for $328 million. Chicago-based Equity Commonwealth sold the asset to an affiliate of New York-based Nightingale Properties, LLC. in what is the largest office transaction based on square footage in the city’s history.

Located at 1500 Market St., in the heart of Philadelphia’s CBD, the Class A property includes a 36-story East Tower and a 43-story West Tower, and is an iconic part of the skyline. Built in 1974, the 91.2%-leased complex is equally as well known for a 45-foot tall Clothespin art sculpture that sits in its front plaza.

CBRE Capital Markets’ institutional properties team of Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran represented the seller.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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Record $328M Philly Office Sale Completed

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Sub Markets

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National CRE News In Your Inbox.

Record $328M Philly Office Sale Completed

Inside The Story

About Dennis Kaiser