CBRE arranges sale of Independence office tower at 1901 Market St., Phila. for $360 million
Philadelphia, PA — CBRE announced the sale of 1901 Market St., a landmark, class A office tower that has served as the headquarters for Independence Blue Cross (Independence) since construction was completed in 1989. Independence acquired the 45-story, 800,000 s/f building for $360 million. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Properties team marketed the property on behalf of the seller, Piedmont Office Realty Trust. 1901 Market St. has benefited from more than $110 million in capital improvements over the last eight years. Upgrades to the office tower included a new lobby, an outdoor plaza, renovations throughout for a more modern look, new mechanical systems and other amenities.