Piedmont Office Realty Trust Inc. a U.S. real estate investment trust company, has divested the 45-story office tower at 1901 Market St., Philadelphia.
Piedmont Office sold the property to U.S. health insurer Independence Blue Cross, a unit of Independence Health Group, for $360 million, or $450 a square foot.
Independence Blue Cross has leased the 801,000-square-foot office building since it was built as its headquarters in the late 1980s.
Furthermore, the company has a lease on the space until 2033 and has two 10-year options to remain in the space. More so, over the last eight years, more than $110 million in upgrades were made to the building.