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J.P. Morgan Sells One South Broad for $42M

PHILADELPHIA-Confirmation of the sale of the 28-story, 465,000-sf office

By Marita Thomas | Updated on May 08, 2003

PHILADELPHIA-New York-based J.P. Morgan Chase & Co. sells One South BroadSt., a Center City landmark constructed in 1932 and completely renovated in2000. The sale price was $42 million.

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.

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