
PHILADELPHIA, PA — Stockton Real Estate Advisors, LLC (Stockton) announced the successful acquisition of 1760 Market St., a distinguished boutique office building situated in the heart of Philadelphia’s Central Business District (CBD). This premier property, located between the vibrant Rittenhouse Square and the state-of-the-art Comcast Technology Center, now comes under new ownership, marking a significant milestone in Philadelphia’s commercial real estate landscape.
The strategic purchase was facilitated with Stockton’s expert guidance and support. Recognized for their deep industry expertise and local market knowledge, Stockton has also been entrusted with the exclusive leasing and management responsibilities for 1760 Market Street to ensure the building continues to thrive as a highly sought-after Market Street business address.
Although many of the offices sold recently in Philadelphia are slated for residential conversion, the new owner sees an opportunity to keep this property as office space since the unique smaller floor plates at the building will allow tenants to operate from Philadelphia’s CBD at a reduced footprint. “1760 Market Street represents the ideal, future workspace with customizable floor plans and modern amenities,” said Jim Paterno, Founder of Stockton. “We are excited to work alongside the new owner, a locally based private real estate company, to elevate this building’s profile and attract a dynamic mix of tenants who will appreciate its unparalleled location and future/planned enhancements.” Stockton previously co-owned the building and effectively repositioned the asset for sale in 2018, pre-pandemic.
Stockton’s client secured the building at an exceptional discount, below any price it’s sold for in decades. This basis positions the new owners to competitively price rents to boost occupancy and attract tenants. In a market with many office space options, the new owners aim to distinguish 1760 Market St. by prioritizing the needs and suggestions of those who already call the building home. This tenant-centric approach ensures that new ownership will not only maintain, but also improve, the quality and functionality of the office spaces, fostering a community environment where businesses can thrive.
Since 2015, 1760 Market Street has undergone significant capital improvements, solidifying its status as a premier workspace. Notable upgrades include renovation of the penthouse suite, now featuring private rooftop decks and mezzanine space, as well as new building systems including a comprehensive fire/life safety system and gas-fired emergency generator.
Ideally situated between Rittenhouse Square and the Comcast Technology Center, 1760 Market St. offers exceptional accessibility. Its prime location across from Suburban Station provides easy access to public transportation, making commuting convenient for tenants and visitors alike.
The surrounding area offers a diverse array of entertainment, creating a vibrant and dynamic environment ideal for businesses seeking a central and lively neighborhood.