Philadelphia, PA — Thor Equities has closed on the acquisition of a three-story office condominium at 907 Market St. in Philadelphia for $41.8 million.
The 214,000 s/f property is fully leased to Health Partners Plans, a not-for-profit health maintenance organization serving more than 280,000 members in Southeastern Pennsylvania.
“907 Market Street is a high quality asset located in the heart of Market East, the fastest growing neighborhood in Philadelphia’s burgeoning City Center district,” said Joseph Sitt, CEO of Thor Equities.
Retail, residential and office development projects in Market East include Fashion District Philadelphia located directly below the property, as well as East Market and the Lits Brothers Building.
Scheduled to open in the fourth quarter of 2018, Fashion District Philadelphia (formerly The Gallery) will be the largest retail development in downtown Philadelphia, encompassing 840,000 s/f of shopping, food and entertainment destinations including an eight-screen AMC Theatre, Century 21, and the largest H&M in Philadelphia. The property also provides direct access to SEPTA’s Jefferson Station, and is within walking distance to Reading Terminal Market and the Pennsylvania Convention Center.
Confirmed East Market retail tenants include an Iron Hill Brewery & Restaurant, City Fitness, Columbia Sportswear, T.J. Maxx/Home Goods, and Federal Donuts.