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JV ACQUIRES 400,000 SF PHILADELPHIA OFFICE BUILDING FOR $40.5M

PHILADELPHIA — A joint venture partnership between Keystone Property Group, Mack-Cali Realty Corp. and Parkway Corp. has acquired 100 Independence Mall West in Philadelphia for $40.5 million. The nine-story, 400,000-square-foot office building is located across from the historic Liberty Bell, the National Constitution Center and Independence National Park. The partnership purchased the Class A property from an affiliate of The Dow Chemical Co. The building is 85 percent leased to two tenants: Dow, which occupies 173,000 square feet as its Northeast headquarters; and the U.S. General Services Administration, which will occupy 135,715 square feet in July 2014. The partnership was represented in-house in the transaction. Robert Fahey, Jerry Kranzel, Lizann McGowen and George Cauffman of CBRE represented Dow.

Content Partners
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‣ Walker & Dunlop

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