{"id":1004312231,"date":"2019-03-27T23:45:29","date_gmt":"2019-03-28T07:45:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004312231"},"modified":"2019-04-02T08:42:23","modified_gmt":"2019-04-02T16:42:23","slug":"iconic-philadelphia-office-building-trades-for-452m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iconic-philadelphia-office-building-trades-for-452m\/","title":{"rendered":"Silverstein Properties, Partners Pay $452M for Philadelphia Tower"},"content":{"rendered":"
\"\"<\/a>

1735 Market Street<\/p><\/div>\n

A joint venture of Silverstein Properties, Arden Group and Migdal Insurance has acquired 1735 Market Street, a 54-story Class A office building in Philadelphia, from Equity Commonwealth for $451.6 million. HFF facilitated the transaction and JLL arranged debt financing for the buyer group.<\/p>\n

Situated on 18th Street between Market Street and JFK Boulevard, the 1.3 million-square-foot asset is the city\u2019s fifth-tallest building and was 92 percent leased at the time of sale. Its tenant roster includes the Bank of New York Mellon, Goldman Sachs Group, Boston Consulting Group, JPMorgan Chase & Co., Willis Towers Watson, Ballard Spahr LLP and Montgomery McCracken Walker & Rhoads LLP. Constructed in 1990 by Kohn Pedersen Fox Associates, the tower is well-known thanks to its trademark pyramid crowned top.<\/p>\n

\u201cIt\u2019s a trophy property, an iconic building in a great market, with classic architecture,\u201d<\/em> Marty Burger, Silverstein Properties\u2019 CEO, told Commercial Property Executive<\/em>. \u201cIt\u2019s a very stable building with great tenancy and we just liked everything about it.\u201d<\/em><\/p>\n

The property features a newly renovated fitness center, the Lounge @ 1735 Market and a tenant-only amenity floor that includes shared workspace, conference rooms, a lounge area and outdoor space. There\u2019s also the Pyramid Club on floor 52, providing members with access to one of the premier private clubs in the city.<\/p>\n

\"\"<\/a>

Marty Burger, CEO, Silverstein Properties<\/p><\/div>\n

The deal marks Silverstein\u2019s first acquisition in Philadelphia. Last year, CPE<\/em> honored legendary New York developer Larry Silverstein<\/a> with a Lifetime Achievement Award.<\/p>\n

\u201cIt\u2019s very close to New York City\u2014an hour-and-a-half drive and very easy for us to manage from here with a local team on the ground there,\u201d<\/em> Burger said. \u201cWe have seven office buildings in New York City and this is the first diversification outside of the city.\u201d<\/em><\/p>\n

The rise of Center City<\/h2>\n

According to Burger, Philadelphia is a global destination that continues to attract businesses and noted Center City\u2019s star is on the rise thanks to dynamic job growth, an increasing millennial population and more residential migration.<\/p>\n

The 1735 Market Street building contains underground parking and is the only trophy building in the city that provides direct access to public transportation. In fact, approximately 300,000 people take public transportation into Center City every workday. <\/p>\n

\u201cThe center of the city sort of shifted a little bit with the building of the Comcast Towers and we are sitting right on the transit system, so the building has become sort of Main and Main,\u201d<\/em> Burger explained.<\/p>\n

Images courtesy of Silverstein Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Acquired in a JV with Arden Group and Migdal Insurance, 1735 Market Street marks Silverstein\u2019s first office investment outside Manhattan.<\/p>\n","protected":false},"author":451,"featured_media":1004312240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,10,21747,1494],"tags":[34447,36999,32792,32796,44936,34035],"class_list":["post-1004312231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-northeast","category-office","category-philadelphia","tag-arden-group","tag-equity-commonwealth","tag-hff","tag-jll","tag-marty-burger","tag-silverstein-properties"],"acf":[],"yoast_head":"\nSilverstein Properties, Partners Pay $452M for Philadelphia Tower - 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\/iconic-philadelphia-office-building-trades-for-452m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silverstein Properties, Partners Pay $452M for Philadelphia Tower\" \/>\n<meta property=\"og:description\" content=\"Acquired in a JV with Arden Group and Migdal Insurance, 1735 Market Street marks Silverstein\u2019s first office investment outside Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/iconic-philadelphia-office-building-trades-for-452m\/\" \/>\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=\"2019-03-28T07:45:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-02T16:42:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/1735-Market-Street.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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\/iconic-philadelphia-office-building-trades-for-452m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/iconic-philadelphia-office-building-trades-for-452m\/\",\"name\":\"Silverstein Properties, Partners Pay $452M for Philadelphia Tower - 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