Apr
24
Zurich Pays Record Price for Philadelphia Office Development
ByZurich Insurance Group acquired a LEED Platinum-certified office asset in Philadelphia for a record price per square foot.
“That is a record square-foot price for Philadelphia ever,” Scott Mazo, University Place Associates principal, told Commercial Property Executive. “I sold for multiple reasons. The transition of going from affordable housing to commercial; the size of the transaction costs are much higher, and for me, I had goals and objectives to create some capital assets. Also, because of the social and economic history, I felt that having someone who would recognize the value and acknowledge our vision: the commitment to healthy building at the highest level of environmental technology at the LEED platinum level was important to our brand.”…
Zurich Pays Record Price for Philadelphia Office Development
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