New York-based Carlton Advisory Services arranged the 10-year, fixed-rate loan for the acquisition, according to company representatives. Carlton principals declined to revealthe identity of the lender or the interest and amortization rate of thefinancing. Nor would they confirm or deny published reports that the buyeris David Werner, a private real estate investor in New York.
GlobeSt.com's inquiries to representatives of the local office of Cushman &Wakefield, which marketed the property, were not returned by press time.
The 465,000-sf, class-A building is across from Pennsylvania Square on whatis now called the Avenue of the Arts. In the 1950s it was home toPhiladelphia National Bank and, therefore, is sometimes referred to as thePNB Building.
In the recent renovation, New York-based Sydness Architects redesigned thebase of the building and connected it to the neighboring Widener Building.
Carlton's chairman, Howard J. Michaels, arranged the financing with theassistance of senior vice presidents Michael J. Campbell and Neil B. Bane.
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