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Los Angeles-based real estate investment firm buys Two Liberty offices

    by Jacob Adelman, STAFF WRITER | Columnist
    Published 

Los Angeles-based Coretrust Capital Partners LLC has become effective majority owner of the office portion of Center City's Two Liberty Place tower, the company said Friday.

The real estate investment and services firm purchased a controlling interest in three Two Liberty Place ownership entities from Parkway Properties Inc. of Orlando, Fla., Coretrust principal Randall Scott said in an interview. He declined to disclose a purchase price or any other details of the transaction, citing a confidentiality agreement.

The acquisition is Coretrust's first under its  Coretrust Value Fund I, a $250 million investment vehicle formed last year with Hawkeye Partners of Austin, Texas. Coretrust is also under contract to acquire the 917-square-foot Citigroup Center office building in downtown Los Angeles using the fund.

Two Liberty, designed by architect Helmut Jahn, opened in 1990 as the corporate headquarters of Cigna, which occupied the entire 1.2 million-square-foot structure.

After Cigna reduced its occupancy in 2005, the building's top 20 floors were converted to luxury condominiums, and other tenants joined the insurer in its offices.

The residential floors were not part of the acquisition by Coretrust, which was founded in 2014 by three former executives of Thomas Properties Group. 

The Two Liberty offices had been marketed by Robert Fahey, a CBRE executive vice president in Philadelphia. 
    JA
    Jacob Adelman, STAFF WRITER