{"id":1004156794,"date":"2016-10-25T05:13:02","date_gmt":"2016-10-25T13:13:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004156794"},"modified":"2022-08-03T01:21:09","modified_gmt":"2022-08-03T09:21:09","slug":"coretrust-buys-controlling-interest-in-iconic-philadelphia-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/coretrust-buys-controlling-interest-in-iconic-philadelphia-tower\/","title":{"rendered":"Coretrust Buys Controlling Interest in Iconic Philadelphia Tower"},"content":{"rendered":"<p><em>By Adriana Pop<\/em><\/p>\n<p><strong>Philadelphia<\/strong>\u2014<a href=\"https:\/\/www.core-trust.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Coretrust Capital Partners LLC<\/a>, through its investment fund Coretrust Value Fund I, has purchased the controlling interests in multiple Two Liberty Place ownership entities. The seller was <a href=\"https:\/\/cousinsproperties.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Cousins Properties<\/a>, a partnership advised and led by Parkway Properties Inc. of Orlando. Parkway began looking to <a href=\"https:\/\/www.commercialsearch.com\/news\/parkway-takes-the-liberty-for-an-exit\/\" target=\"_blank\" rel=\"noopener\">exit the property<\/a> last year.<\/p>\n<div id=\"attachment_1004156798\" style=\"width: 250px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Two-Liberty-Place.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004156798\" data-attachment-id=\"1004156798\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/coretrust-buys-controlling-interest-in-iconic-philadelphia-tower\/two-liberty-place-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Two-Liberty-Place.jpg\" data-orig-size=\"480,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Two Liberty Place\" data-image-description=\"&lt;p&gt;Two Liberty Place&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Two Liberty Place&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Two-Liberty-Place.jpg?w=480\" class=\"wp-image-1004156798 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Two-Liberty-Place.jpg\" alt=\"Two Liberty Place\" width=\"240\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Two-Liberty-Place.jpg 480w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Two-Liberty-Place.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/a><p id=\"caption-attachment-1004156798\" class=\"wp-caption-text\">Two Liberty Place<\/p><\/div>\n<p>Designed by Helmut Jahn of Murphy\/Jahn Architects, the high-rise is an iconic feature on the Philadelphia skyline, totaling 1.2 million square feet across 58 floors. The property is part of the Liberty Place, a 3 million-square-foot complex that includes the 61-story One Liberty Place office tower, <a href=\"https:\/\/www.commercialsearch.com\/news\/macys-announces-new-bloomingdales-outlet-stores\/\" target=\"_blank\" rel=\"noopener\">The Shops at Liberty Place<\/a>, an enclosed mall totaling 145,000 square feet of fashion and consumer retail space, and a 294-key Westin Hotel.<\/p>\n<p>Completed in 1990, Two Liberty is the third-tallest skyscraper in Philadelphia. The tower was originally constructed as the headquarters for Cigna, <a href=\"https:\/\/www.commercialsearch.com\/news\/parkway-takes-the-liberty-for-an-exit\/\" target=\"_blank\" rel=\"noopener\">which now occupies approximately one third of the office space<\/a> in the building. Tenants at the property have access to an array of amenities, including a full-service caf\u00e9, conference facility and professionally managed fitness center. According to <a href=\"https:\/\/matrix.pi-ei.com\/home\" target=\"_blank\" rel=\"nofollow noopener\">Yardi Matrix<\/a>, the building also incorporates 122 privately owned condominium residences and 13,000 square feet of retail space.<\/p>\n<p>Coretrust is now planning to invest in maintaining Two Liberty\u2019s high-end market profile by upgrading common areas with special emphasis on the tenant arrival experience and amenity spaces.<\/p>\n<p>\u201cWe are very pleased to have this opportunity and look forward to activating our plans to build on the heritage of this outstanding property,\u201d Randall Scott, Coretrust principal, longtime Philadelphia resident and downtown office owner, said in prepared remarks.<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/matrix.pi-ei.com\/home\" target=\"_blank\" rel=\"nofollow noopener\">Yardi Matrix<\/a> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 58-story Two Liberty Place is the third-tallest skyscraper in Philadelphia.   <\/p>\n","protected":false},"author":260,"featured_media":1004156798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,10,21747,1494,21749],"tags":[],"class_list":["post-1004156794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-northeast","category-office","category-philadelphia","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. 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