CBRE announced today the sale of 1901 Market Street—a landmark, Class A office tower that has served as the headquarters for Independence Blue Cross(Independence)since construction was completed in 1989.Independence acquired the 45-story, 800,000 sq. ft. building for $360 million.

Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Properties team marketed the property on behalf of the seller, Piedmont Office Realty Trust (NYSE:PDM), an Atlanta-based real estate investment trust.

1901 Market Street has benefited from more than $110 million in capital improvements over the last eight years. Upgrades to the office tower included a new lobby, an outdoor plaza, renovations throughout for a more modern look, new mechanical systems and other amenities.

“We are pleased and honored to have been chosen by Piedmont as their marketing and financial advisor for this landmark transaction,” said Robert Fahey, Executive Vice President, CBRE. “Working closely with these two industry leaders over the past several months has been especially rewarding.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.