September 5, 2006

Written by Sandy Marks

Oaktree Capital Sells Curtis Center for $94M
J Grasso Properties Acquires Historic Philadelphia Bldg.; $10 Million Renovation Planned.

J Grasso Properties acquired the historic Curtis Center office building at 170 S. Independence Mall West in Philadelphia, PA for approximately $94 million, or $106 per square foot, from Oaktree Capital of Los Angeles.

The Curtis Center is a 13-story, 885,786-square-foot building with two additional below-ground floors and a 350-space underground parking garage. The building features a 10,000-square-foot atrium with a domed glass ceiling, a cascading marble fountain, and the second largest Tiffany mosaic in the world, the 49-by-15-foot "Tiffany Dream Garden Mural" created by Louis C. Tiffany in 1916. The building's amenities include a childcare center, a health club, restaurants and high-end retail shops.

The site's tenant roster includes General Services Administration, The University of Pennsylvania, Margolis Edelstein Law Offices, Thomas Jefferson University Hospital, Hayworth Furniture Co. and Coldwell Banker Preferred.

Founded in 2004 by Joseph Grasso, J Grasso Properties specializes in real estate development and renovations of landmark buildings, helping to revitalize Philadelphia and its surrounding areas. The firm plans to invest between $7 million and $10 million in renovations at the Curtis Center. Upgrades will include a high-tech conference center, restored marble floors and common areas, landscaping, and the addition of an exclusive restaurant.

NAI Geis Realty Group Inc. represented Oaktree Capital.