$11.5M paid for building that has 15th century Italian flair

Monday, September 5, 2005

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.