Additional office space to undergo conversion

Philadelphia Central Business District’s (CBD) oversaturated office market received news that two more office buildings will undergo conversions to alternate uses. A joint venture between Keystone Development & Investment and Lubert-Adler, L.P. acquired the 316,000-square-foot (sf) Bourse Building and the 173,300-square-foot 400 Market Street for $41 million. The partnership will convert some of the Bourse’s office floors into hotel space with an event venue, while 400 Market Street will become a residential property.

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