Lubert-Adler looks to sell 595,000 sq ft Philadelphia office
The Center City building is 99% leased with eight years of weighted average lease term; the report gives no asking price or loan terms.
At a glance
JPMorgan Chase agreed to take tens of thousands of square feet at the Center City building, and the sale was reported a week after that sublease was disclosed, per the report.
The property is 99% leased with a weighted average lease term of eight years; Aramark is the anchor tenant.
For lenders and buyers, the sale will show what a nearly full building with long remaining leases can trade for.
Lubert-Adler is looking to sell 2400 Market Street, a 595,000-square-foot office building in Philadelphia it co-owns with PMC Property Group, the Philadelphia Business Journal reported.
JPMorgan Chase agreed to take tens of thousands of square feet at the Center City building, and the sale was reported a week after that sublease was disclosed, per the report.
The property is 99% leased with a weighted average lease term of eight years; Aramark is the anchor tenant. The building sits a short bridge from an Amtrak station. The report gives no asking price, loan balance or maturity date.
For lenders and buyers, the sale will show what a nearly full building with long remaining leases can trade for. A judge cleared the $70 million Centre Square sale to PMC and Dean Adler in August, a price equal to less than a fifth of that 1.8 million-square-foot complex's remaining CMBS debt.
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