The Curtis Center, having cinched up two of its main tenants, has come up for sale and could potentially sell for upwards of $135 million or more.
The 13-story, 886,000-square-foot building at 601 Walnut St. in Philadelphia last traded in 2006 for $94 million. It is owned by a fund managed by Apollo Global Real Estate and has been put up for sale a couple of times over the last five years with a deal never being struck. This time around, with the investment market more stable, the building has a better chance of selling.
Robert Fahey, Jerry Kranzel and Francis Coyne of CBRE Inc. are marketing it.
The General Services Administration renewed a lease on roughly 205,000 square feet through 2020 and the Public Defender’s re-upped its lease on 65,000 square feet until 2023. That solidifies two big tenants for the long term. The building is 85 percent leased up giving a prospective investor a value-add opportunity.