PHILADELPHIA, PA (September 3, 2015) — CBRE’s New Jersey-based Capital Markets Debt & Structured Finance team has arranged $49.75 million acquisition and improvement financing secured by the Public Ledger Building, the historic 534,004 s/f office property in Philadelphia.
Following a successful marketing campaign by the CBRE team, the borrower received short term acquisition financing for a three-year term with two one-year extensions for the purposes of acquiring and improving the property.
The bridge financing allows the borrower the opportunity to receive additional proceeds for future lease up and general building renovations, as well as the flexibility to operate and dispose of the asset as needed.
Located at 600 Chestnut Street, the 65 percent-occupied Public Ledger Building boasts an impressive tenant roster.
The United States of America General Services Administration (GSA) serves as the property’s largest tenant, occupying a total of 133,689 square feet and providing a significant credit anchor.
The building covers an entire city block bounded by South 6th Street, Chestnut Street, South 7th Street and Sansom Street, with unparalleled views of Independence Square Park, Center City Philadelphia, Old City and the Delaware River.
The building offers immediate proximity to nearly six million square feet of office space, the exclusive high-end residential neighborhoods of Washington Square West and Society Hill and the extensive array of retail shops and restaurants offered in Old City.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.