UArts Sells 103-Year-old Center City Building to Philadelphia Developer
University of the Arts has sold a 103-year-old Center City residence hall to a local developer planning to convert the building into apartments. MM Partners paid $10.7 million for the 45,500-square-foot building at 1500 Pine St., according to property records.
Pine Residence Hall can hold some 150 students with a mix of studios and one, two and three-bedroom apartments. The 10-story building will continue to be used by UArts through the spring semester but it’s not part of the school’s plans moving forward.
Jason Kramer, Josh Haber and Matt Lipson from the Binswanger Company represented UArts on the deal.