MEGA SALE

As was widely anticipated, an investment partnership led by David Werner bought 1700 Market St, a gleaming Class-A trophy tower in Center City, for $143.5M, or $170 and change/SF (not counting the attached five-story garage). On top of that, David and crew arranged a senior mortgage and mezz financing of $123M through UBS. Jones Lang LaSalle's Tom Beneville, Jerry Kranzel, and Mike Carpenter handled the transaction for the seller, Pearlmark Real Estate Partners (formerly Transwestern Investment Co). JLL's Dustin Stolly and Meridian Capital's managing director Ronnie Levine arranged the financing. David beat out a slew of institutional and pension fund investors for the more than 840k SF tower.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Philadelphia Newsletters
Related Stories

New Student Housing Towers Lease Up Quickly In University City, But Developers Can't Build More

The Geo Group To Reopen 2,329-Bed Immigration Facility In Texas

What's At Stake For CRE In Tuesday's U.S. Midterm

Voorhees Greenlights 178-Unit Office-To-Resi Conversion Amid Multifamily Boom

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

4,500-Acre Data Center District Approved In Pennsylvania Town

Affordable Housing Giant Starts $180M Philly Push: The Philadelphia Deal Sheet

'It's A 2-Way Street': Philly Hospital CEOs Seek Cost Savings From Architects, Builders

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

South Jersey Affordable Housing Developers Blame State 'Overregulation' For Constricted Supply