Stoltz Management, a Bala Cynwyd real estate company, has put up for sale 2300 Chestnut St., a Center City office building that could sell for an estimated $40 million. 

Stoltz bought the 103,905-square-foot office building in 2017 for $28.75 million and invested in upgrades to the lobby and elsewhere. The building is 77% leased to such tenants as: Vanguard Group, which occupies 16,992 square feet; Dakota, a marketing company, which occupies 14,757 square feet; Sheward Partnership, an architectural firm, which leases 11,524 square feet; and Century Link, which has been a tenant since 1996 and leases 14,553 square feet for its fiber-optic telecommunications junction center. Century Link has invested $20 million into the space during its 25 years in the building. 

Saxby’s Coffee, which is also a tenant, is vacating the space it leases.

Though it has some vacancy, the building is being positioned as a life sciences play based on the marketing materials. “Superb location for future lab conversion,” the brochure reads. “As the undisputed birthplace and center of the region’s cell and gene therapy ecosystem, University City is experiencing unprecedented investment. 2300 Chestnut Street is located perfectly at the doorstep of University City’s world-class academic, research and life-science communities to act as a beneficiary of its ongoing growth, which will continue to add to the value of this location.”

Built in 1900, the building has characteristics that are conducive for conversion into lab space such as expansive ceiling heights, heavy floor load, and proximity to University City. 

*Article courtesy of Philadelphia Business Journal

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