A Pennsylvania limited partnership known as Crown Two Penn Center Associates has closed the $67.9 million refinance of Two Penn Center Plaza, a 502,000-square-foot 20-story class-A office tower located at 1500 John F. Kennedy Blvd. in Center City.
The property had an existing 10-year loan, according to industry sources, with a $44 million remaining balance. The limited partnership pulled cash out of the transaction. The remaining terms of the capital transaction were not disclosed.
Herzliya, Israel-based real estate investor Optibase announced the refinancing transaction. The firm owns a 22.16% interest in the property, and collected $5 million from the transaction as part of the total proceeds. The limited partnership will distribute $2 million of the total $5 million in the coming weeks. Optibase focused on fixed-income real estate transactions, and currently holds interests in properties in Switzerland, Texas, Philadelphia, Miami and Chicago.
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Kelsi Maree Borland
