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Report: Pennsylvania REIT, Macerich sell office condo in Philadelphia for $42M

Pennsylvania Real Estate Investment Trust completed the $41.8 million sale of an office condominium at 907 Market St. in Philadelphia, alongside co-owner and fellow regional mall real estate investment trust Macerich Co., the Philadelphia Business Journal reported Feb. 20.

The buyer was New York-based Thor Equities, which purchased floors three to five at the building. The commercial space, spanning 214,000 square feet, runs from 901-907 Market St., according to the paper.

Additionally, the publication noted that the trusts are redeveloping the space located directly under the office area which is leased to Health Partners Plans Inc. on a long-term basis.

Pennsylvania REIT, which has been divesting its East Market Street office properties, tapped Newmark Knight Frank to broker the sale.