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
Philadelphia Office Market Snapshot
Boundary boundary · Office · Loan transactions
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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