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OPI sells vacant Philadelphia office building for $42M
The 441,000-square-foot property at 8800 Tinicum Blvd. was valued at $30.4M and is being acquired by the city after PNC vacated in early 2024.
Office Properties Income Trust disclosed in its second-quarter earnings that it sold its only Philadelphia property, the vacant office building at 8800 Tinicum Blvd., for $42M on July 30, according to Bisnow.
The 441,000-square-foot building is near the Philadelphia International Airport and previously housed PNC Bank before it decided to vacate in early 2024. Bisnow reports the sale had not yet appeared in property records at the time of publication, and the property’s most recent assessment this year valued it at $30.4M.
Bisnow says Philadelphia City Council passed a bill in April authorizing the director of the Department of Aviation to acquire the property for the city. OPI had previously planned to redevelop it into a 478,000-square-foot industrial facility, but that effort did not proceed.
The sale is part of OPI’s broader asset sales push after emerging from bankruptcy in June, Bisnow reports. The REIT said it generated cash by selling two properties last month for $58.5M in total, and it is under agreement to sell another nine properties for $49.7M, with an estimate that proceeds across all sales could reach $275M, to be used to improve liquidity and address debt maturities, according to its earnings call.