$200Mil Philly high-rise sale delayed

The planned sale of the 37-story, 940,000 sq ft office building at 1818 Market Street -- also known as 1818 Beneficial Place -- to Shorenstein Properties of San Francisco for a reported $200 million-plus has snagged.

Three of the 34 "fractional owners" of the building -- who hold the property as "tenants in common" -- oppose the sale and litigation has delayed the deal from closing, according to this statement by San Diego-based 1818 investor Sovereign Capital Management Group, which negotiated the sale.

The sale is for now "in escrow," while 1818 "remains on solid financial footing, with occupancy rates of more than 90%," Sovereign adds. The company takes credit for luring Beneficial Mutual Bancorp and Five Below to move their headquarters there, helping boost occupancy and revenue..