The residential portion of the Avenue of the Arts building in Center City has sold for a reported $33 million. MRP Residential, a division of MRP Realty of Washington D.C., and Principal Real Estate Investors have partnered to acquire the property.
The new owners plan to redevelop it into a high-end apartment building that will have 220 units.
The acquisition consists of floors 4 through 17 totaling 209,095 square feet of the entire 283,126-square-foot building at the corner of Broad and Chestnut streets. The space is currently used as student housing by the Art Institute of Philadelphia. The new apartments will take up about 176,000 square feet.
Jim Galbally of Jones Lang LaSalle arranged the transaction along with colleagues John Plower, Doug Rodio, Joe Garibaldi and Jim Vesey.
The retail portion and floors one through three were not part of the transaction. Capital Grille occupies 11,000 square feet fronting South Broad and is in the space until 2015. Olive Garden takes up 7,500 square feet along Chestnut Street. Read more about this story on PBJ.com.