| 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. |
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