Updated Dec 4, 2024
The Defender Association Of Philadelphia Renewed Lease For 117000 Square Feet At 1441 Sansom Street
1441 Sansom Street
Building Size
117,000 SF
Asset Type
Office
Closing
Jul 25, 2024
About this deal
AI
The property asset involved in the transaction is an office space located at 1441 Sansom Street in Philadelphia. This office occupies a total area of 117,000 square feet and is part of the 400,000-square-foot Packard building, which was constructed in 1923 and is noted for its historic designation on the Philadelphia Register of Historic Places.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 1441 Sansom Street
- Market: Philadelphia
- Landlord: Randall T. Cook - Method Co.
- Tenant: The Defender Association of Philadelphia
- Brokers: David Healy & Joshua Sloan - JLL
In this transaction, The Defender Association of Philadelphia renewed its lease, opting to convert 21,000 square feet of storage space into office space. The deal features representation by brokers David Healy and Joshua Sloan from JLL, who facilitated the agreement between the landlord and tenant.
Players
Philadelphia Office Market Snapshot
Boundary boundary · Office · 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