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| 1600 Market, Central Business District, Philadelphia, PA |
PHILADELPHIA, PA –– Holliday Fenoglio
Fowler, L.P. (HFF) announces the $160 million sale and financing of 1600
Market Street, a Class A, 39-story office tower totaling 825,968 square
feet in Philadelphia's CBD.
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| Cary Abod |
The
HFF team represented the seller, Equity Commonwealth, and procured the buyer,
an affiliate of American Real Estate Partners (“AREP”). Additionally, HFF
worked on behalf of AREP and its institutional joint venture partner to secure
a three-year, floating-rate loan for the acquisition.
1600
Market Street benefits from its “Main & Main” location in the Market Street
West submarket where ever-improving leasing fundamentals generates significant
leasing demand from Center City’s most discerning office and retail
tenants. American Real Estate Partners has exciting renovation plans to amenitize
the property and to enhance the retail experience in the lobby.
The
HFF investment advisory team representing the seller included senior managing
director Doug Rodio and managing director Brett Segal.
The
HFF debt placement team representing the borrower consisted of managing
directors Ryan Ade and Cary Abod.
HFF
and Holliday GP Corp. ("HFF") are licensed Pennsylvania real estate
brokers.
For
more information, please contact:
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