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Report: Silverstein to buy Equity Commonwealth's Philadelphia tower for $440M

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Report: Silverstein to buy Equity Commonwealth's Philadelphia tower for $440M

Silverstein Properties Inc. is looking to buy the BNY Mellon Bank Center in Philadelphia's Center City for an estimated $440 million from Chicago-based office landlord Equity Commonwealth, the Philadelphia Business Journal reported, citing unnamed sources.

A deal for the 54-story, 1.3 million-square-foot tower at 1735 Market St., which was placed on the market in October, will mark Equity's exit from the city's office market, as well as Silverstein's first purchase in Philadelphia.

While the estimated sale price could not be confirmed, HFF's Doug Rodio, who is marketing the property, said it is expected to change hands in the range of $500 million.

A spokesman for New York-based Silverstein declined to comment, the Dec. 23 report added.