One South Broad Purchased for $68 Million

One South Broad Street, a Center City office building that has a new Walgreens in its street-level retail space, was bought for $68 million, or $146 a square foot.  AION Partners of New York ventured with an Israeli Insurance company to buy the 26-story, 464,000-square-foot building. This is the first Center City buy for AION.

It last traded in April 2003 when a private investment group headed up by David Werner bought it for $48 million.  The property was put up for sale last spring and CBRE Inc. arranged the sale.

One South Broad is 88 percent occupied and Wells Fargo is its anchor tenant, occupying 153,717 square feet, or 33 percent of the property, until 2020. Walgreens signed a lease on 25,498 square feet that runs until 2053. The pharmacy is in space that had been occupied by Borders.

The building was constructed in 1932 by John Wanamaker during the Great Depression for his men’s department store.