Developer buys historic Philly landmark

J. Grasso Properties purchased The Public Ledger Building, an historic 12-story structure in downtown Philadelphia.

The value of the transaction was $43 million.

Santa Ana, Calif.-based Triple Net Properties sold the property, located at Sixth and Chestnut streets, which features 471,271 square feet of space. Named for Philadelphia's first penny journal, The Public Ledger Building, like The Curtis Center, located next-door and also owned by J. Grasso, was developed for Curtis Publishing Co. in 1928.

Grasso plans on investing another $3 million to recondition the building, with special plans to unite The Public Ledger Building and The Curtis Center with a covered walkway.

J. Grasso Properties is a real estate development firm specializing in the renovations of landmark buildings and the revitalization of Philadelphia and its surrounding areas.

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