Office Income Properties Trust Sells Vacant Office Building In Philadelphia For $42 Million

An office asset located at 8800 Tinicum Boulevard in Philadelphia, PA has been sold for $42 million. The property spans 441,000 square feet, resulting in a price per square foot of $95. The transaction follows the departure of PNC Bank from the premises in early 2024.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $42,000,000
• Square Footage: 441,000
• Address: 8800 Tinicum Boulevard
• Market: Philadelphia, PA
• Seller: Office Income Properties Trust
• Broker: Jim Scott - Avison Young

This property sale is part of Office Properties Income Trust's asset disposition strategy following their bankruptcy. The proceeds from this sale are intended to improve liquidity and reduce debt, marking a significant step in the company's restructuring efforts.