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1441 Sansom Street

Updated Dec 4, 2024

The Defender Association Of Philadelphia Renewed Lease For 117000 Square Feet At 1441 Sansom Street
LEASEDOffice

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

Joshua Sloan

JLL

Broker

1 deal

Broker

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

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