5:17 PM
Bancorp has sold the iconic Corn Exchange National Bank Building and the adjacent parking lot in Old City, Philadelphia. David Dolan, Brett Segal and Michael Margolis of the NGKF Capital Markets Philadelphia office represented the seller in the transaction. Although listed separately, both properties were purchased by a software company who plans to use the building and the parking lot exclusively.
The Corn Exchange National Bank Building is a three-story, 15,000-square-foot property located at Third and Arch Streets in Old City. The property is a historic piece of Philadelphia, dating back to 1900. The building was used as a branch of Girard Bank and the Corn Exchange Bank from its opening in 1900 to 1970. Since then, it has had a variety of uses including a housing complex for Seamen’s Church Institute, an art gallery and a reception hall. Notably, the building was also used as the residence for the 15th season of MTV’s The Real World.
“The offering’s premier Old City location along the 2nd Street technology corridor was extremely desirable to both potential users and residential developers,” said Segal. “We are thrilled that the buyer, Linode, LLC, will plant its flag here and bring not only high-tech jobs to the area, but additional vibrancy and foot traffic.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.