An architecturally significant structure at 15th and Walnut streets in Philadelphia, the Drexel Building, that was home to one of the city's major financial institutions, was sold for $11.5 million.
The deal was between two local private partnerships that didn't divulge their identities. The sale was arranged by Mallin Panchelli Nadel.
The six-story, 56,000-square-foot building was constructed in 1925 for Drexel & Co., a bank headed at one point by Edward T. Stotesbury, a financier and one of the country's wealthiest men. It was under Stotesbury's reign at the bank, during the early part of the early 20th century, that the building was constructed.