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CSB Holdings, Tide Realty Capital Buy Philadelphia Office Tower for $45M
CSB Holdings and Tide Realty Capital have acquired 2000 Market Street, a 668,335-square-foot office tower in Center City Philadelphia, for $45.5 million.
New York-based CSB Holdings and Maryland-based Tide Realty Capital partnered to buy the property which is 68% occupied, reported the Philadelphia Business Journal. CBRE’s Bruer Kershner, Doug Rodio and Jerry Kranzel represented Nahla Capital in the transaction. New York-based Maxim Capital Group provided $34.1 million in acquisition financing, arranged by New York-based Arrow Real Estate Advisors.
The buyers expect to continue operating 2000 Market as is, making it the largest Center City office building to trade without residential conversion plans since the pandemic. CSB and Tide Realty will focus on increasing occupancy at 2000 Market, which was constructed in 1973.
Nahla Capital partnered with a division of Goldman Sachs in 2018 to buy the building for $126.4 million, or $189 per square foot. The sale to CSB Holdings and Tide Realty represents a 64% discount seven years later.
