Israeli RE Investor Picks Up Stake In $66M Philly Office Tower

Law360, New York (October 12, 2012, 4:01 PM EDT) -- Israel-based real estate investor Optibase Ltd. announced Friday that it has acquired a 19.7 percent beneficial interest in the Crown Properties Inc. affiliate that owns 2 Penn Center Plaza, a $66 million Class A commercial office building in Philadelphia.

In a filing with the U.S. Securities and Exchange Commission, Optibase said 2 Penn Center Plaza was acquired by its wholly owned subsidiary Optibase 2 Penn LLC, which is a partner in a larger joint venture called 2 Penn Philadelphia LP that acquired 88 percent of the...
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