Tuesday, June 28, 2011

Interest in National Press Building sold for $16.6 million

Resource America, Inc. has sold a 25% interest in the National Press Building for $16.6 million, making a profit of $7.7 million on the sale.

Resource America originally bought a defaulted first mortgage on the building in 1999, according to CityBiz, and later sold a controlling interest to Quadrangle Development Corporation.

Alan F. Feldman, Senior Vice President of Resource America, said, "This transaction allowed the company to complete the final stage of our 12 year investment in the National Press Building and realize a significant profit. Resource Real Estate continues to seek out discounted real estate opportunities across the country, leveraging our management and underwriting platform."

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