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Equity Commonwealth Gets $160M for 1600 Market St.

American Real Estate Partners and Investment Backer Acquires Center City High Rise
February 16, 2018
An affiliate of American Real Estate Partners (AREP) and an undisclosed institutional investor joint venture partner closed on the acquisition of the 39-story PNC Bank Building at 1600 Market St. in Philadelphia's Center City. The buyers paid Chicago-based Equity Commonwealth $160 million, or about $193.71 per square foot, in the sale.

Built in 1980 and renovated in 1997, the office tower totals approximately 921,100 square feet and is anchored by PNC Bank, according to CoStar information.

Holliday Fenoglio Fowler (HFF) marketed the office tower on behalf of Equity Commonwealth and also arranged a three-year, floating-rate loan on behalf of the buyers to fund the acquisition.

The HFF investment advisory team representing the seller included senior managing director Doug Rodio and managing director Brett Segal. Managing Directors Ryan Ade and Cary Abod were on the HFF debt placement team.

AREP put the 84% leased office tower under contract in December. Equity Commonwealth expects proceeds from the sale after credits for capital costs, contractual lease costs, and rent abatements to be approximately $156 million.

Please see CoStar COMPS#4137234 for more information on this transaction.
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