Keystone Picks Up Key Office Asset in Philly
By
Penn Mutual building, Philadelphia
Philadelphia—Keystone Property Group has added a premier Philadelphia property to its holdings with the acquisition of the One Washington Square office building. Keystone purchased the 880,000-square-foot property from Rubenstein Partners for $114 million.
One Washington Square is not your typical office property. Located at 510-530 Walnut St. in the Independence Mall submarket of the historic section of Center City, it consists of three connected structures, the first of which was developed in 1914. The office asset last changed hands in 2014 when it was purchased out of receivership by Rubenstein, which immediately undertook a capital renovation program that transformed the property into a coveted office destination. With the assistance of commercial real estate services firm Newmark Grubb Knight Frank, Rubenstein has since inked lease transactions totaling more than 140,000 square feet…
