By Roxana Baiceanu
Nahla Capital and the Merchant Banking Division of Goldman Sachs have acquired a 665,000-square-foot Class A office tower within Philadelphia’s Market Street West neighborhood. The joint venture paid Gemini Rosemont Realty $126. 4 million for the asset, which represents their first expansion into Pennsylvania.
Hunton Andrews Kurth’s Carl Schwartz, Susan Saslow and Michal Baum represented Nahla, while Sullivan & Cromwell represented Goldman Sachs. The new owners plan to upgrade the building’s infrastructure and improve tenant amenities, as the last renovations were done in 2012.
The 29-story office tower located at 2000 Market St. was completed in 1972 and includes 2,500 square feet of retail space, according to Yardi Matrix data. The asset had a number of owners along the years, including MetLife Real Estate Investment, Rubenstein Partners and CBRE Global Investors. Gemini, which changed its top management team last year, bought the property from CBRE Global Investors for $110 million back in 2013. The transaction features a $77 million loan secured from U.S. Bank.
The office tower, which is classified as a transit-oriented property, provides convenient access to the Amtrak 30th St. and Suburban stations. It is also close to the University City area, which includes the University of Pennsylvania campus.
Image courtesy of Yardi Matrix