Do You Wanna Buy a High Rise?

[That title was totally meant to be sung a la this earworm from Frozen, obviously. Special thanks to my nieces and nephews, who still haven’t had their fill of the damn movie after almost a year!]

There’s a big ol’ building for sale in Center City right now, and it’s not even residential.

This Center City high rise is up for sale. Any takers?

1515 Market St. is on the block, with experts thinking the 20-story behemoth could sell for as high as $85 mil. And why not? With a serendipitous addy smack dab across from City Hall and close to the Ben Franklin Parkway, Avenue of the Arts, and the Convention Center, it’s a juicy cherry.

It currently house Temple U’s Center City campus, in addition to other tenants. It’s 87% occupied, which is pretty darn desirable for a building of its size. Nearby Two Penn Center, which is also 20 floors high and of comperable square footage, sold for $66 million in 2012 at 82% occupied. It’s right across the plaza from 1515 Market, so that’s not a half-bad comp!

The building was recently renovated, and its tenants are treated to lots of natural light. It also enjoys the benefit of being right across the street from the ultra-pretty Dilworth Park at City Hall, which gives visitors something gorgeous to look at and visit.

There is at least one sour note, though. From BizJournals.com:

Stockton Real Estate Advisors of Philadelphia bought 1515 Market in 2007 for around $75 million. By 2011, a CMBS loan on it was shipped to a special servicer and was listed in maturity default. It had a balance, exclusive of interest, default interest and late charges, of roughly $70 million.

Aww, this building is just looking for a little love. Got eight figures lying around?