Updated Oct 28, 2024
Newmark Brokers Secure $220M Loan For Philadelphia Office Building On Market Street
2400 Market Street, Philadelphia, PA, USA
$220,000,000
$371/SF
Building Size
593,000 SF
Asset Type
Office
Closing
Dec 2, 2021
About this deal
AI
The property involved in this transaction is an office building located at 2400 Market Street in Philadelphia. The building has a total area of 593,000 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $220,000,000
- Address: 2400 Market Street, Philadelphia
- Market: Philadelphia
- Lender: Deutsche Bank
- Landlord: Lubert-Adler - Dean Adler
The loan for this transaction was provided by Deutsche Bank. The landlord of the property is Lubert-Adler, represented by Dean Adler. The brokers involved in this deal are Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani, and Benjamin Kroll from Newmark.
On the Map
$220,000,000
$371/SF
Office
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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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93