December 11, 2014 [Philadelphia, PA] – Colliers International and Newmark Smith Mack recently concluded the sale of 1608 Chestnut Street to TIAA-CREF. Sale price: $24.5M.
The sprawling, architecturally stunning building was formerly occupied by The Art Institute of Philadelphia. In October it opened its doors - to much fanfare - as the new flagship location for UNIQLO, the makers of solid, affordable basics.
The transaction was completed by the Colliers International team of Michael Barmash (Philadelphia), Peter Block (Chicago) and Stephen Algermissen (Los Angeles); along with Taylor King of Newmark Smith Mack-King of Prussia.
TIAA-CREF is a national financial services organization with $840 billion in total assets under management (as of 10/1/2014) and is the leading provider of retirement services in the academic, research, medical and cultural fields.