Equity Commonwealth has sold Philadelphia-based 1600 Market Street, an office tower, to an affiliate of American Real Estate Partners. The transaction was for $160 million. Holliday Fenoglio Fowler LP represented Equity Commonwealth on the sale.
PHILADELPHIA–(BUSINESS WIRE)–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.
About Equity Commonwealth
Equity Commonwealth (NYSE: EQC) is an internally managed and self-advised real estate investment trust (REIT) with commercial office properties throughout the United States. Equity Commonwealth is based in Chicago, IL.
Equity Commonwealth combines deep real estate experience, a contrarian perspective and long term view with rigorous risk management and a conservative balance sheet to create value for its stakeholders. In addition, the company focuses on maintaining best in class corporate governance and building a culture that encourages transparency and open communication based on our guiding principles.
The Equity Commonwealth team holds a superior track record in strategically balancing investment, asset management and operating decisions with a commitment to our shareholders and customers at the core of our day-to-day operations.
For more information on Equity Commonwealth and its properties, visit eqcre.com.
About American Real Estate Partners
American Real Estate Partners, a vertically integrated real estate fund manager, invests alongside of a cross section of domestic and international institutional partners. The firm concentrates primarily on acquiring Class A office assets, as well as real estate related financial instruments in markets throughout the Mid-Atlantic along the Eastern Seaboard of the United States. Since October 2003, American Real Estate Partners has completed 40 acquisitions totaling 16 million square feet, with an aggregate capitalization in excess of $3.5 billion. The firm’s current portfolio totals 7.4 million square feet. For more information about American Real Estate Partners, please review the firms’ website at americanrepartners.com, or contact Jon Dishell, Managing Director of Fund Management and Investor Relations at JDishell@americanREpartners.com.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.