Behringer Harvard announced today its acquisition of Three Parkway, a 20-story Class A office tower located at 1601-1645 Cherry Street in the heart of Philadelphia, Pennsylvania. Three Parkway has approximately 561,351 square feet of rentable space. The office tower was constructed in 1970 and received major capital improvements in 1996 and in 2001 through 2005.
"Three Parkway is a solid central business district asset in one of the country's top markets," said Robert M. Behringer, chairman and CEO of Behringer Harvard. "Its historically high tenant quality and occupancy should provide us with stable returns that are consistent with our investment strategy."
Located in the heart of Philadelphia's primary office submarket, Market Street West, the property is near the Philadelphia Museum of Art, the Shops at Liberty Place, the Ritz-Carlton Hotel, the Four Seasons Hotel and the historic City Hall. The metropolitan Philadelphia office market is the fourth-largest on the East Coast and is home to 38 Fortune 500 companies.
The building is 90 percent leased to multiple tenants that include excelleRx, American International Insurance, Philadelphia Municipal Authority, Thermo Electron Corporation and Allstate. Management of the property has been awarded to Trammell Crow Company.
Behringer Harvard also owns Woodcrest Corporate Center in suburban Cherry Hill. Three Parkway was acquired by Behringer Harvard REIT I, Inc., which also holds assets in Chicago, Atlanta, Washington, D.C., Baltimore, St. Louis and Los Angeles, among other cities.
Source: Behringer Harvard