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1500 Market St, Philadelphi...

Nightingale Properties & Wafra Capital Partners Acquire Office Building On 1500 Market Street In Philadelphia For $388M
FINANCEDOffice

Nightingale Properties & Wafra Capital Partners Acquire Office Building On 1500 Market Street In Philadelphia For $388M

1500 Market St, Philadelphia, PA 19102, USA

$388,000,000

$9,700/SF

Building Size

40,000 SF

Asset Type

Office

Closing

Nov 29, 2020

AI

Located at 1500 Market Street in Philadelphia, this office asset was involved in a recent closed transaction. The property is owned by Nightingale Properties and Wafra Capital Partners, while the loan for this transaction was provided by JPMorgan. The loan amount for this deal was $388,000,000.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $388,000,000
  • Lender: JPMorgan
  • Landlord: Nightingale Properties & Wafra Capital Partners

The brokers involved in this transaction were Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Dylan Kane, and John from NewmarkKF.

Players

Dustin Stolly

Walker & Dunlop

Broker

$51.1B

vol

273 deals

Broker
Walker & Dunlop
Walker & DunlopBrokerage

Philadelphia Office Market Snapshot

Boundary boundary · Office · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.04%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93