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Behringer Harvard Gets Mortgage on Philly Tower

PHILADELPHIA-The mortgage was part of a CMBS loan that originated when the Dallas-based firm bought the asset as part of a larger portfolio in 2007.

By Ian Ritter | Updated on February 25, 2010

PHILADELPHIA-Behringer Harvard acquired the first mortgage on 1650 Arch St. here, a 27-story class A office building in the Central Business District. Though the price wasn’t disclosed, the mortgage was part of a CMBS loan that originated when the Dallas-based firm bought the asset as part of a larger portfolio in 2007.

The building was part of Behringer’s $1.4-billion purchase of 35 assets from IPC US REIT. The original CMBS lender was Wells Fargo Bank, N.A., and LNR Partners was the servicer for the loan.

The tower, 1650 Arch St. has fallen on some hard times in the last year. Law firm WolfBlock, which occupied 176,000 square feet in the building, went out of business in March 2009.

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