Known for quite some time to Philadelphia Real Estate insiders, the Philadelphia Business Journal is reporting that a portion of The Residences at Two Liberty Place will be instead be transformed into a high end boutique hotel with 150 rooms. The floors now slated for a hotel were initially built as office space for the health insurance company Cigna but when the commercial office market declined the space switched to high end condos. The Residences at Two Liberty Place were not able to compete with high end, full service condominiums like those offered by 10 Rittenhouse, 1706 Rittenhouse, and The Ritz Carlton. Istar Financial, the owner of the floors being converted into a hotel, is now hoping that Jones Lang LaSalle will find a final use for the space.
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106