Sale-leaseback deal sought for Colonial Penn building - Philadelphia Business Journal:

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The owner of 399 Market St. has decidee to put the building for sale asother buildings, including Penn Mutual Towers, Curtiss Center and 1700 Market St., have been taken off of the wants to sell the five-story, 126,000-square-fooyt Class B boutique officr building where it makes its headquarters. The building could sell for as muchas $15 million, according to one estimate. The companty occupies 67,000 square feet and has signedc a lease to remain in the spaceuntil 2024.
It wouldc like to sell the building and stay on as a tenant in a transactionj commonly referred to asa sale-leaseback, according to marketinvg materials from , which has been hired to sell the The property was constructed in 1976 and is 92 percentg occupied. Its other major tenants includw , a commercial real estate brokef thatleases 13,200 square feet and Mattionij Ltd., a law firm that leasexs 15,561 square feet. The building has two uniqure attributes — a courtyard with picnic areas and 100parkin spaces. The Independence Square submarket where the buildingf sits has the lowest vacancy rate in the cityat 4.1 according to data.
It also has a lot of activith under way, including completing a $25 million renovationm to its headquarters at 6th and Market streets and the constructioh of the National Museum of American Jewish Historyt at 5thand Market. The type of buye r who might consider a building like this in this marketg would likely be a privatee investor who either wants to have a presenc e in the historic area or is seeking an opportunitgy to do work to add value to the with plans to seizeon near-term lease expirations.