Alterra, Stockton join to buy Market Street office building
Alterra Property Group and Stockton Real Estate Advisors have purchased the 1760 Market Street office building in Center City from an affiliate of Swiss pension-fund advisor AFIAA.
Alterra Property Group and Stockton Real Estate Advisors have purchased the 1760 Market Street office building in Center City from an affiliate of Swiss pension-fund advisor AFIAA.
The joint venture closed on the 14-story building on Sept. 3, Alterra managing partner Leo Addimando said.
Addimando declined to disclose the purchase price. The AFIAA affiliate paid $19.3 million for the 137,000 square-foot building in February, 2006, according to city records.
Altera and Stockton will invest in a cosmetic upgrade of the building, which will remain in use as an office property, Addimando said.
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