PHILADELPHIA-Class A office space still goes for a premium in Philadelphia, as 1700 Market St. is being sold for $143.5 million to a partnership arranged by David Werner. Jones Lang LaSalle represented seller Pearlmark Real Estate Partners in the transaction for the Center City property.
The 32-story office boasts 85% occupancy including tenants such as Independence Blue, Cross, Deloitte, AECOM Technology Corp. and the Family Planning Assoc., among others. Meridian Capital helped arrange a senior mortgage and mezzanine financing of $123 million through UBS for the Werner partnership.
The transaction team for JLL was Tom Beneville, Jerry Kranzel and Micke Carpenter. JLL’s Dustin Stolly worked along with Meridian’s Ronnie Levine to arrange the financing. Built in 1969, the 841,172-square-foot building has an adjacent 761-space parking garage.
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