Michael O'Sullivan Of Burlington Acquires Office Building In Philadelphia For $240 Million

An office asset located at 3151 Market Street in Philadelphia, PA, was sold for a total of $240,000,000. The property encompasses 441,000 square feet, resulting in a price per square foot of $544. The transaction was part of a strategic move by the buyer to establish their corporate headquarters in this location.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $240,000,000
• Buyer: Michael O'Sullivan - Burlington
• Seller: Jerry Sweeney - Brandywine Realty Trust
• Square Footage: 441,000
• Price per Square Foot: $544

The acquisition indicates Burlington's intention to relocate its corporate headquarters from New Jersey, which is projected to bring approximately 2,000 employees into the neighborhood along with a planned investment of $370,000,000 over a five-year period. This move is supported by a $7,000,000 forgivable city loan and job creation tax credits.