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January 24, 2018  

Buyer Found for Phila. Office Tower

A joint venture between American Real Estate Partners and Independencia Asset Management has struck a deal to pay about $160 million for a Philadelphia office tower.The duo is buying the 826,000-square-foot building, at 1600 Market Street, from Equity Commonwealth, a Chicago REIT led by investor Sam Zell. HFF is brokering the sale.The Class-A property, in the Market Street West submarket, was pitched as a value-added play because its 82%...

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