Maguire Hayden Lands $58M for Philly Office Building

Maguire Hayden Real Estate Co. has secured a $58 million refinancing loan for 300 Four Falls, a 298,564-square-foot office building in Philadelphia’s Conshohocken suburb.

Barclays and an Argentic Investment Management entity issued the five-year, fixed-rate note in a transaction arranged by JLL Capital Markets.

The refinancing retires a 10-year, $70 million acquisition loan that was scheduled to mature this month, according to Yardi Matrix data. The original debt included a $50 million CMBS loan from Morgan Stanley, Bank of America and Merrill Lynch Trust, along with $20 million from Bank of America and Merrill Lynch Trust.

Maguire Hayden used both notes to purchase the asset from Sovereign Capital, the same data provider shows. The company paid $98.4 million for it, about $329.6 per square foot.

JLL Capital Markets Senior Managing Director Chad Orcutt led the Debt Advisory team that secured the refinancing on behalf of the borrower.

A closer look at 300 Four Falls

The office property came online in 2003, at 300 Conshohocken State Road. The building comprises seven stories of office space with 47,000-square-foot average floorplates, as well as a six-level underground parking garage. Amenities include a renovated lobby, a conference center, a café, a fitness center, penthouse suites on the seventh floor and EV charging stations.

The tenant roster at 300 Four Falls features John Templeton Foundation, Tandigm Health, BTG International, Bank of America, ASM, Raymond James, SERB Pharmaceuticals and Trammell Crow. The mid-rise was 91.6 percent leased at the time of the deal.

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Just off Interstate 76, 300 Four Falls is 14 miles northwest of downtown Philadelphia. Other major thoroughfares in the area include interstates 476 and 276. The property is within 1 mile of the Conshohocken SEPTA station and several golf courses.

Philly office market continues recovery trajectory

As of December, Philadelphia’s average office listing rates rose 2.9 percent year-over-year to $31.69 per square foot, below the national figure of $32.86, according to a recent Yardi Matrix report. Peer markets registered higher values, starting with Boston ($47.73 per square foot), Washington, D.C. ($40.27 per square foot), Atlanta ($36.85 per square foot) and Dallas ($32.19 per square foot).

During the same month, Philadelphia’s office vacancy clocked in at 18.5 percent, marking a 90-basis-point drop on a trailing 12-month basis, yet still slightly above the 18.4 percent national average.