PHILADELPHIA--(BUSINESS WIRE)--Miller Real Estate Fund II, LP has acquired 401 Market Street (The Plaza), the 11-story, 500,000 SF Class A office building at 401 Market Street, Philadelphia, PA.
This premier office building is fully occupied by Wells Fargo Bank and American Bible Society. Wells Fargo and predecessor organizations have occupied 401 Market Street since it was built in 1971 for Philadelphia National Bank.
American Bible Society, founded in 1816, recently relocated its headquarters to 401 Market Street after selling its New York City location. The organization occupies approximately 130,000 SF and has proposed creating a museum-quality interactive Bible exhibition on the ground floor to take advantage of the building’s proximity to Independence Mall and historic Old City.
“We are excited to own this irreplaceably located asset that is well positioned to benefit from our long term belief in the strength of the Philadelphia real estate market,” said H. Scott Miller, Managing Partner and Founder of Miller Investment Management and Miller Real Estate.
Lou Merlini, Principal of Miller Real Estate Fund II, added: “The acquisition of 401 Market Street represents a pivotal milestone for our fund as we continue to expand our presence in Philadelphia.”
About Miller Real Estate:
Miller Real Estate’s most recent investment partnership, Miller Real Estate Fund II, was established in 2014 to acquire and operate well-located commercial real estate in Mid-Atlantic cities. Miller Real Estate also co-founded and co-manages the MIM-Hayden Real Estate Fund I, a suburban office and industrial acquisition fund launched in 2009.
Miller Real Estate is the manager of Miller Real Estate Fund II, and is an affiliate of Miller Investment Management, LP, an SEC registered investment adviser founded in 1998. Based in Conshohocken, PA, Miller Investment Management and its affiliates manage over $1.6 billion in assets, invested across real estate, private growth capital, and public securities on behalf of individual and institutional clients.
For more information, please visit www.millerref.com.
