Natixis Refis Philly Office Tower With $163M Loan
American Real Estate Partners (AERP) has landed $162.5 million in financing for 1600 Market Street, a 39-story Class A office tower located in Philadelphia’s central business district, Commercial Observer has learned. Natixis originated the five-year floating-rate loan.
“AREP has repositioned a 1980s building at 1600 Market, transforming it into a luminous, cutting-edge workplace — a celebration of innovation and invention that also honors Philadelphia’s historic character,” said Douglas Fleit, co-founder CEO of AREP.
“We are pleased to have had the opportunity to finance one of Philadelphia’s premier office buildings,” said Jared Zimmel, an executive director at Natixis. “The AREP team has done a remarkable job repositioning the property as a best-in-class asset within the market.”
Located at 1600 Market Street, the property has been anchored by PNC Bank‘s regional headquarters since 1996. Other tenants include a variety of legal, financial and professional service firms.
Since acquiring the property in 2018, AREP has leased over 100,000 square feet in the 40- year-old, 825,968-square-foot Center City office landmark and completed a $15 million renovation of it featuring the addition of 8,000 square feet of amenities including collaboration space, conference rooms, wellness and fitness areas and an Elixr coffee bar.
The financing was arranged by Ryan Ade of JLL and Cary Abod of Abod Capital. JLL (JLL) and Abod Capital did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
