Public Ledger, an office building overlooking Independence
Mall, is in receivership.
Newmark Grubb Knight Frank is in line to become the receiver
of the property, according to people familiar with the situation. The special
servicer is LNR Partners and a $42.5 million loan remains outstanding on the
building.
Local real estate investor Joe Grasso and a fund managed by
Citi Property Investors originally bought the building in 2006 for $43 million.
Then, a fund involving Apollo Global Real Estate had control of the property
and has subsequently decided to relinquish control of it.
The 12-story, 466,000-square-foot building at Sixth and
Chestnut streets is about 11 percent vacant and had been appraised in 2013 for
around $38 million, or about $80 a square foot.
It is leased to a lot of small tenants and the General
Services Administration serves as its anchor with about 120,000 square feet.
It’s listed on the National Register as a historic property and was last
renovated in 1991.
Source: Philadelphia
Business Journal
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