The mortgage for 1818 Market St. has officially been sold
and a transaction to sell the Center City office tower for $203 million is
scheduled to be finalized today, according to people close to the matter.
The deal will mark a return to the Philadelphia market
for Shorenstein Properties, a San Francisco company buying the building.
Shorenstein had once owned Two Liberty Place, a 58-story, 1.2
million-square-foot property. It sold that skyscraper in 2005 and is just
re-entering the city with the purchase of 1818 Market.
This sale also means the end of an ordeal that involved
some of the tenant-in-common owners of the office tower that made getting to
the closing table a complicated feat. See more on that here.
Sovereign Capital Management Group Inc. of San Diego is
the seller.
The original balance on the loan was $122 million and was
made by Wachovia to Triple Net Properties, according to data provided by Trepp.
The 37-story building totals 940,000 square feet.
Beneficial Bank makes its headquarters in the building and its lease runs until
2028. Other tenants include eResearch Technology, Five Below, Zarwin Baum and
the American College of Radiology.
Source: Philadelphia
Business Journal
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