DEMEDICI II CORP. BUYS CLASS A OFFICE BUILDING FOR $29M

PHILADELPHIA — DeMedici II Corp. has purchased an eight-story, 226,890-square-foot Class A office building in Philadelphia for $29 million. Liberty Property Philadelphia Limited Partnership II sold the property, located at 1600 Vine St., to the corporation. The building will house the Philadelphia Performing Arts Charter School, which will open in the fall of this year with 350 ninth graders. The school will add a grade each year until 1,400 students are enrolled. Constructed in 1999, the building at Three Franklin Plaza includes eight floors averaging 28,361 square feet. The buyer plans to spend between $10 million and $12 million on upgrades to create a theater, performing arts studios, science labs and an automotive engineering lab. Chris Pennington, vice president in Binswanger’s Philadelphia office, handled the transaction.