Church of Scientology Buys Philadelphia Tower

Religious Organization Pays $7.8M for 15-Story Vacant Bldg. & Adjacent Storefront

CoStar Group/July 18, 2007

The Church of Scientology of Pennsylvania purchased the 15-story Cunningham Building and an adjacent storefront retail building in Philadelphia for $7.85 million, or $131 per square foot.

The buildings will be converted for use by the Church for its community programs. Plans include offices, a chapel, an academy and display areas. The church will be the sole occupant of the buildings, which may qualify it for tax exemptions.

Both buildings were constructed in 1920 and sold vacant. The Cunningham Building is at 1312-1314 Chestnut St., while the storefront is at 1316 Chestnut. The storefront previously housed a toy store.

Jonathan Stavin of CB Richard Ellis represented the seller, Goldman Properties. He reported that the sale closed "amazingly fast," with a four-week marketing period and 10-day close.

The Los Angeles-based Church of Scientology is represented in 159 countries. Noteworthy U.S. members include actors Tom Cruise and John Travolta, as well as Travolta's wife, actress Kelly Preston.