National + Office | January 31, 2019

Equity Commonwealth Selling Philly Tower for $452M

Chicago-based Equity Commonwealth is under contract to sell 1735 Market Street, a 1.3-million-square-foot office property in Philadelphia for a gross sale price of $451.6 million. The buyer is reportedly 1735 Market Holdco LP, a partnership involving New York-based Silverstein Properties Inc. and Philadelphia-based the Arden Group.

The 54-story Center City office tower is known as BNY Mellon Center, and is Philadelphia’s fifth-tallest building. Deal closing is expected to occur on or before March 27, 2019, unless another date is mutually agreed upon by the parties. The sales price works out to roughly $350-per-square-foot, which would rank as the highest ever for a Center City office building.

The 91%-leased tower is the last remaining Philadelphia asset in Sam Zell’s Equity Commonwealth REIT. Previously-divested properties included PNC Bank Building, the 1500 Market St. office complex and the One Franklin Plaza building.

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.