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CBRE Selected as Advisor for Sale of Office, Mixed-Use Asset in Philadelphia
CBRE has been selected as the exclusive advisor for the sale of 2400 Market, a 594,945-square-foot trophy office and mixed-use asset that anchors Philadelphia’s Market West submarket and provides a gateway to University City.
CBRE’s Philadelphia National Office Partners team, led by Doug Rodio, Jerry Kranzel, Bruer Kershner, Mark Lunney, Layal Zuabi and Aidan Boyle, is marketing the opportunity on behalf of ownership.
The Market Place Design Center, as it was previously known, was completely redeveloped by Lubert-Adler after acquiring the iconic asset in 2018. 2400 Market is one of only two multi-tenant trophy office developments delivered in Center City Philadelphia since 1990. The Trophy Property is currently 98.8% leased, with an eight-year weighted-average lease term.
“The property speaks for itself,” said Lubert-Adler Principal Michael Gray. “We look forward to the feedback from the broader investment community.”This trophy asset is anchored by Aramark’s global headquarters and features a roster of tenants, including JPMorgan Chase, along with Audacy, Lumen Technologies and the Fitler Club.
