PHILADELPHIA, PA—Cushman & Wakefield is serving as exclusive advisor to an affiliate of The Brickstone Companies to arrange the recapitalization of Mellon Independence Center, 701 Market Street, Philadelphia, PA. The $88.2 million transaction involved securing joint venture equity from Madison International Realty and debt financing from Natixis Real Estate Capital.
The Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Dave Karson, Alex Hernandez, Chris Moyer, and Suraj Ravi worked with The Brickstone Companies.
“The capital markets respected Brickstone's extensive history with this historic architectural edifice, and valued Brickstone's successful re-tenanting of the property with high-quality credit tenants,” says Kohn, president of Cushman & Wakefield's Equity, Debt and Structured Finance group.
“The property is well positioned to benefit from the pending redevelopment of the Market East corridor, with significant upside potential in its retail space and the imminent addition of rooftop signage,” said Hernandez, managing director.
Mellon Independence Center is an award winning, seven story, 721,000 square foot institutional quality office and retail building located just steps from the Federal Courthouse, the Market Street East Train Station and Independence Mall. The property is widely considered to be among the finest commercial building restorations in the United States. Built in 1917 as the Lit Brothers Department Store, the property was gutted and renovated in 1986 by Brickstone.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
