SHH declined to specify the amount of the transaction, in which its real estate division was one of the partners. However, the company reported that the collective debt and equity capitalization on Commonwealth deal, and another unrelated transaction for the Chester Creek Business Center totaled $46 million. Daniel Mayock and Adam Gillespie of SSH Real Estate were the agents on both transactions.

“The Commonwealth represents a fantastic value-add story for both SSH and for Philadelphia,” says Daniel K. Mayock, director of SSH’s investment services. “The ownership group was comprised of three different operating partners, 806 Capital, Silverang Hallowell, and SSH Real Estate. Together they successfully transformed an obsolete, Class C office building into a gorgeous new apartment project, delivering needed upscale units to the Midtown Village/Market East neighborhood.”

“By bringing an institutional investor to the project with the pedigree of INVESCO,” Mayock adds we feel that our Investment Brokerage team has been integral in the next big step in the revitalization of Market East.

The team’s other transaction involved a joint venture partnership capitalization for the business center in Chester, Delaware County. The center is comprised of three existing office/flex/warehouse buildings totaling 178,960 square feet and a pad site to support a fourth building of 72,000 square feet. SSH introduced the developer, CSG Partners of Nottingham, MD to the new investor, The Davis Companies of Boston.

“There is a lot of leasing momentum in the I-95/Airport Corridor of Delaware County right now, and this fresh capitalization will allow the new partnership to compete for those tenants,” said Mayock. “I wouldn’t be surprised if the project’s leasing stabilizes quickly enough that they could launch the fourth building in 2013.” BDP International and FXI are the major tenants.