Chestnut Street office building bought for $8.6 million

Monday, September 3, 2007

A building along an ever burgeoning Chestnut Street in Center City has traded hands and will likely remain an office building for now.

The 15-story, 90,000-square-foot structure at 1201 Chestnut St. was sold for $8.6 million by a private Bala Cynwyd partnership to a Center City-based partnership going under the name of the address. The building was constructed in the 1920s and is roughly 90 percent occupied. Mazzoni Center, a health center serving the city's lesbian, gay, bisexual and transgender community, serves as its largest tenant occupying three floors.

The building had been up for sale not too long ago only to have the owner decide to pull it off the market, said Josh Nadel, of Mallin Panchelli Nadel, who arranged the sale with A Margolis Realty Co, another Center City brokerage. It ended up selling off the market anyway.