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1735 Market St, Philadelphi...

BakerHostetler Leases 45121 Square Feet At 1735 Market St Philadelphia With Landlord Silverstein Properties
LEASEDCommercial

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

Anthony LiVecchi

JLL

Broker

1 deal

Broker
Silverstein Properties
Silverstein PropertiesLandlord

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