Binswanger Negotiates $25 Million Sale of Three Buildings for the School District of Philadelphia.
PHILADELPHIA -- Representing The School District of Philadelphia, Binswanger arranged the recent sale of three Center City buildings. The properties are The Administration Building, located at 21st Street and The Benjamin Franklin Parkway; The John F. Kennedy Center, located at 734 Schuylkill Avenue; and The Stevens Administration Center, located at 1301 Spring Garden Street. The combined consideration for the three properties was $25 million.
The Administration Building and the Stevens Administration Center were acquired by partnerships comprised of Philadelphia-based Synterra Partners and Washington D.C.-based Temple Group. The JFK Center was purchased by Switzenbaum Realty Capital. Current plans call for remodeling The Administration Building and the JFK Building into condominiums. As yet, plans for The Stevens Center are undetermined but it is likely it will include commercial, retail and residential uses. Construction on these projects is not expected to begin until the summer or early fall, when the School District vacates the properties.
The sale of these properties is the culmination of an extensive plan by the School Reform Commission to dispose of these assets and consolidate the Administration Services at 440 N. Broad in the fall.
"This is a tremendous step forward in the School District's initiative to dispose of excess assets and bring new efficiency and utilization to their day-to-day operations and it puts quality property back on the tax rolls and opens up new opportunities for continued growth of the residential market," said John K. Binswanger, Chairman, Binswanger.
Headquartered in Philadelphia, PA, Binswanger is an international full-service real estate organization with offices worldwide throughout the U.S.A., Canada, Mexico and South America, the U.K. and Europe, the Middle East, Asia and Australia.
