Bala Cynwyd firm spends $28 million for Center City building

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Stoltz Management of Bala Cynwyd has paid $28.75 million to buy 2300 Chestnut St. in Philadelphia. (Image courtesy flickr.com)

You might not think it’s possible to ‘have fun’ with a building, but that’s exactly how the former owner of the building described his sentiments about selling.

Stoltz Management of Bala Cynwyd has paid $28.75 million to buy 2300 Chestnut St. in Philadelphia, writes Natalie Kostelni for the Philadelphia Business Journal.


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The building totals 103,905 square feet of which 80,000 is office space and the remainder basement storage area leased to telecommunications companies. The sale price translates into roughly $280 a square foot. Jim Galbally of JLL arranged the transaction, the story continues.

The building has been a long-term hold for Paul V. Profeta, a real estate investor based in New Jersey, whose ownership of the building goes back 35 years. When asked whether he will miss the building now that it has a new owner, Profeta didn’t hesitate: “Very much,” he said. “I’ve had the building for more than 30 years and had a lot of fun with it. It’s been more than a regular building.”

Profeta bought the building in May 1982 in a partnership with Jeff Kelter for $1.3 million. Kelter had once been part of the local real estate scene and at one point operated Keystone Property Trust of Conshohocken, an industrial real estate company. He later moved onto run KRT Capital Partners in New York.

To read the complete story click here.

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