{"id":1004032621,"date":"2011-09-27T05:09:02","date_gmt":"2011-09-27T13:09:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032621"},"modified":"2022-12-08T16:53:20","modified_gmt":"2022-12-09T00:53:20","slug":"phillys-1700-market-st-sells-for-143-5m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phillys-1700-market-st-sells-for-143-5m\/","title":{"rendered":"Philly&#8217;s 1700 Market St. Sells for $143.5M"},"content":{"rendered":"<p><strong>September 26, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092611-1700-Market-Philadelphia.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004032622\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phillys-1700-market-st-sells-for-143-5m\/092611-1700-market-philadelphia\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092611-1700-Market-Philadelphia.jpg\" data-orig-size=\"569,1024\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"092611 &#8211; 1700 Market Philadelphia\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092611-1700-Market-Philadelphia.jpg?w=569\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092611-1700-Market-Philadelphia.jpg\" alt=\"\" title=\"092611 - 1700 Market Philadelphia\" width=\"166\" height=\"300\" class=\"alignright size-medium wp-image-1004032622\" \/><\/a><\/p>\n<p>In a $143.5 million deal, the Class A office building at Philadelphia\u2019s 1700 Market St. was purchased by a partnership formed by David Werner, a private real estate investor. <\/p>\n<p>The deal, transacted and arranged by Jones Lang LaSalle\u2019s capital markets division, was traded on behalf of Pearlmark Real Estate Partners in conjunction with Meridian Capital. JLL also arranged $123 million in senior-mortgage and mezzanine financing through by UBS for the buyer. <\/p>\n<p>According to JLL\u2019s internal research, the Philadelphia office market continued to tighten as the second quarter of 2011 closed. The city was marked by a flight to quality properties, with Class A absorption at more than a positive 463,000 square feet as compared to Class B\u2019s negative 22,000 square feet. In the central business district, where 1700 Market is located, the close of several other sales will likely lead to propelled rent growth over the near- and mid-term. <\/p>\n<p>\u201cThis property offers an unparalleled combination of location, parking, and tenant amenities,\u201d Tom Beneville, international director for Jones Lang LaSalle, said.<\/p>\n<p>Further noting that the deal is one of the largest office-property sales in almost four years in Philadelphia\u2019s central business district, Beneville was optimistic about the city\u2019s downtown prospects. \u201cPhiladelphia is an exceptionally strong market with a stable and growing economy,\u201d he said. \u201cAs a result, many buyers expressed interest in 1700 Market, including REITs, pension funds and international investors.\u201d<\/p>\n<p>The property sits at the corner of 17th and Market Streets. The 841,172-square-foot building also includes an attached five-story, 761-car parking garage. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a $143.5 million deal, the Class A office building at Philadelphia&#8217;s 1700 Market St. was purchased by a partnership formed by David Werner, a private real estate investor. <\/p>\n","protected":false},"author":1201,"featured_media":1004032622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,10,21747],"tags":[],"class_list":["post-1004032621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Philly&#039;s 1700 Market St. Sells for $143.5M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/phillys-1700-market-st-sells-for-143-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philly&#039;s 1700 Market St. Sells for $143.5M\" \/>\n<meta property=\"og:description\" content=\"In a $143.5 million deal, the Class A office building at Philadelphia&#039;s 1700 Market St. was purchased by a partnership formed by David Werner, a private real estate investor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phillys-1700-market-st-sells-for-143-5m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-09-27T13:09:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:53:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092611-1700-Market-Philadelphia.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"569\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phillys-1700-market-st-sells-for-143-5m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/phillys-1700-market-st-sells-for-143-5m\/\",\"name\":\"Philly's 1700 Market St. Sells for $143.5M - 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