KPMG Relocates To 97,000-SF Office At 1735 Market Street In Philadelphia
1735 Market Street Philadelphia, PA 19103, USA
Building Size
97,000 SF
Asset Type
Office
Closing
Sep 13, 2023
AI
Silverstein Properties, led by Larry Silverstein, has leased a 97,000-square-foot office space located at 1735 Market Street in Philadelphia. The office space is part of an office building in the city's market area.
Summary of transation details
- Property Type: Office
- Transaction Amount: Not specified
- Address: 1735 Market Street, Philadelphia
- Market: Philadelphia
- Square Footage: 97,000
KPMG, represented by Bill Thomas, is the tenant that will be occupying the office space. They are relocating to this new office at 1735 Market Street since their current lease agreement at 1601 Market St. will expire in June. It is worth noting that this lease is the largest new office lease in the region since Chubb's agreement to occupy a 438,000-square-foot office earlier this year. This lease agreement by KPMG will result in a notable vacancy at 1601 Market.
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