Cole Buys PNC Office Building in Philadelphia for $74.7M

Photo: CoStar

Cole Corporate Income Trust, Inc. reported Tuesday that it has entered into an agreement to acquire the 441,000 square foot PNC office building in Philadelphia, PA for a gross purchase price of $74.7 million, exclusive of closing costs.

The seller is Liberty Property Philadelphia, LP and Liberty Lehigh Partnership. According to the Liberty Property Trust website, the PNC Bank Operations Center in Philadelphia, known as the Eastwick Center, is 441,000 square feet.

When it was developed as a $70 million, five-story processing facility fronting I-95 near the Philadelphia International Airport, PNC Bank said the Eastwick Center would process more than 3.5 million financial transactions a day, making it one of the largest bank processing facilities in the nation. PNC also touted the 400 new PNC Bank jobs the facility would bring into Philadelphia.

The Eastwick Center replaced the bank’s operations building at l7th and Sansom Sts.

The PNC Property was constructed in 2000 and is 100% leased to PNC Bank, N.A.