BakerHostetler Leases 45121 Square Feet At 1735 Market St Philadelphia With Landlord Silverstein Properties
1735 Market St, Philadelphia, PA, 19103
Building Size
45,121 SF
Asset Type
Commercial
Closing
Jan 12, 2021
AI
The property involved in this transaction is located at 1735 Market Street, Philadelphia, PA, 19103. The asset, owned by Silverstein Properties, comprises 45,121 square feet and is situated in Philadelphia's central business district.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 1735 Market St, Philadelphia, PA, 19103
- Market: Philadelphia
- Landlord: Silverstein Properties
- Tenant: BakerHostetler
- Landlord's Representative: Anthony LiVecchi(JLL)
- Brokers: Jeremy Moss(Silverstein Properties), John Maher(CBRE)
- Square Feet: 45,121
The lease agreement, signifying BakerHostetler's return to Center City, marks the largest commercial office relocation of 2020. Jeremy Moss, Executive Vice President of Leasing at Silverstein Properties, and Camille McGratty, Vice President of Leasing at Silverstein Properties, led negotiations for the landlord, while Mitchell Marcus, Tom Weitzel, and Anthony LiVecchi from JLL assisted. BakerHostetler was represented by John Maher, Tony Rossi, and Mike Phipps from CBRE.
Players
Philadelphia Commercial Market Snapshot
Boundary boundary · Commercial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93