I believe this is Extell's first purchase in the Philadelphia market? Extell is a huge developer in Manhattan.
This beautiful building would be make for a fabulous hotel (St. Regis caliber) at the doorstep of Independence Hall. Especially since the hotel proposal at 3rd & Walnut is dead.
Insurance giant Chubb sells historic Walnut Street office building to New York developer known for Central Park skyscrapers
https://www.inquirer.com/real-estate/com...alnut-street-historic-sale-20260318.html
The Zurich-based insurance giant Chubb has sold its historic former office building at 436 Walnut St. to New York-based Extell Development Company, according to four sources familiar with the transaction who are not authorized to speak with the press.
Extell, founded by prominent developer Gary Barnett, is known for building some of Manhattan’s newest and most exclusive residential skyscrapers like the 98-story Central Park Tower and the 75-story One57.
Although Barnett is known for remaking Manhattan’s skyline, a person familiar with his thinking said that he has not yet decided whether to keep the Walnut Street building as offices or turn it into apartments or a hotel.
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