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August 16, 2015

Two Liberty Place skyscraper could be sold

Owner considering sale now that Cigna has signed lease for office space

Real Estate Skyscrapers
Two Liberty Place skyscraper could be sold Contributed Art /Wikimedia Commons

Two Liberty Place

The owner of the iconic Two Liberty Place skyscraper is thinking about selling the property.

Now that insurance company Cigna has signed a 12-year lease for office space, building owner Parkway Properties Inc. feels that it is safe to start exploring a potential sale, the Philadelphia Business Journal reported.

"With this important renewal, we have further stabilized the asset and believe we are well-positioned to exit," said M. Jayson Lipsey, CEO of Parkway.

Cigna has been in the building since it was constructed in 1990 but its lease was set to expire next year. It will take up 34 percent of Two Liberty until Oct. 31, 2027.

Parkway, which is based in Florida, focuses on the southern United States and considers Philadelphia to be its "one remaining non-core market."