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1735 Market Street Philadel...

KPMG Relocates To 97,000-SF Office At 1735 Market Street In Philadelphia
LEASEDOffice

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

Larry Silverstein

Silverstein Properties

Landlord

$1.6B

vol

11 deals

Landlord
K
KPMGTenant

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