Ori Feibush Acquires 399 Market Street Office Building In Philadelphia For $14M

The office building located at 399 Market Street in Philadelphia was sold for $14 million. The property spans 136,000 square feet and was acquired by Ori Feibush of OCF Realty from Colonial Penn Life Insurance. The transaction took place on June 10, 2024, with Peter Rothberg and Jonathan Dubrow of RothbergDubrow acting as the brokers for the deal. Feibush plans to maintain the building as office space despite challenges in the market, aiming to revitalize it with new tenants.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $14,000,000
• Address: 399 Market Street
• Market: Philadelphia
• Square Footage: 136,000
• Buyer: Ori Feibush - OCF Realty
• Seller: Colonial Penn Life Insurance
• Brokers: Peter Rothberg & Jonathan Dubrow - RothbergDubrow

Developer Ori Feibush, known for his long-term investments in Philadelphia, saw the purchase of the office building as a significant opportunity. Describing the acquisition as a "huge discount" from its previous assessed value, Feibush aims to bring new life to the property amidst the evolving real estate landscape of the city, demonstrating his commitment to long-term investment strategies.