The 15-story, 133,353-square-foot office building at 1760 Market Street has gone up for sale by owner and retired tax attorney, Victor F. Keen, writes Paul Schwedelson for the Philadelphia Business Journal.

Doug Rodio of CBRE, who is representing Keen in the sale, said it could be sold in the low $20 million range.

“Today, the office market is speaking and it’s telling me that the building is worth something in the range of $20 million,” Rodio said.

That would represent a roughly one-third decrease from when Keen bought the building for $31.5 million in 2018.

There is a belief that this building could buck the trend of the few other office sales in Philadelphia’s central business district in recent years. 

With its 9,152 square feet and narrow rectangular shape, it could be a fit for a residential conversion, as opposed to larger buildings with wider floorplates.

Prospective buyers have shown interest in both maintaining it as an office building and converting it to residential, however.

According to CBRE’s marketing materials, 1760 Market is the only office building in the Market Street West submarket with an average floor plate size smaller than 10,000 square feet.

Read more about the Center City building up for sale at the Philadelphia Business Journal. 

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