Holliday Fenoglio Fowler, L.P. (HFF) issued the following announcement on Feb. 16.
Holliday Fenoglio Fowler, L.P. (HFF) announces the $160 million sale and financing of 1600 Market Street, a Class A, 39-story office tower totaling 825,968 square feet in Philadelphia's CBD.
The HFF team represented the seller, Equity Commonwealth, and procured the buyer, an affiliate of American Real Estate Partners (“AREP”). Additionally, HFF worked on behalf of AREP and its institutional joint venture partner to secure a three-year, floating-rate loan for the acquisition.
1600 Market Street benefits from its “Main & Main” location in the Market Street West submarket where ever-improving leasing fundamentals generates significant leasing demand from Center City’s most discerning office and retail tenants. American Real Estate Partners has exciting renovation plans to amenitize the property and to enhance the retail experience in the lobby.
The HFF investment advisory team representing the seller included senior managing director Doug Rodio and managing director Brett Segal.
The HFF debt placement team representing the borrower consisted of managing directors Ryan Ade and Cary Abod.
HFF and Holliday GP Corp. ("HFF") are licensed Pennsylvania real estate brokers.
Original source can be found here.
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