CSB Holdings and Tide Realty Capital Acquire 2000 Market Street Office Tower for $45.5M
CSB Holdings and Tide Realty Capital have jointly acquired 2000 Market Street, a 668,335-square-foot office tower located in Center City Philadelphia, for $45.5 million. The property, originally constructed in 1973, is currently 68% occupied.
The acquisition marks a rare trade of a major office property in Center City without plans for residential conversion, making it the largest such transaction in the area since the pandemic began. CSB Holdings, based in New York, and Maryland-based Tide Realty Capital plan to continue operating the building as an office property, with a focus on increasing overall occupancy.
The building was sold by Nahla Capital, which had partnered with a division of Goldman Sachs to purchase the property in 2018 for $126.4 million—equating to approximately $189 per square foot. The recent sale to CSB and Tide represents a significant 64% discount from the 2018 purchase price.
The transaction was facilitated by CBRE brokers Bruer Kershner, Doug Rodio, and Jerry Kranzel, who represented Nahla Capital. Maxim Capital Group, based in New York, provided $34.1 million in acquisition financing, arranged by Arrow Real Estate Advisors.
