New York owner buys Center City tower

New York-based Shorenstein Properties LLC has acquired the 32-story 1700 Market Street office tower in Center City, the company said in a release.

Shorenstein closed Wednesday on its purchase of the 848,000-square-foot building from a partnership involving New York's Nightingale Group and investor David Werner. The price was not disclosed.

Shorenstein said it plans to invest in improvements to the property, as it's been doing at the nearby Beneficial Bank Place building that it purchased last year. - Jacob Adelman