CBRE Group arranges $49.75m financing for the Public Ledger Building in Philadelphia
PHILADELPHIA, PA — CBRE Group Inc., one of New Jersey’s largest commercial real estate brokerage firms, announced that its 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 located in the heart of Philadelphia.
The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe arranged the financing with a national debt fund on behalf of the borrower, Carlyle Development Group, based in Purchase, NY. 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 St., the 65%-occupied Public Ledger Building boasts an impressive tenant roster. The United States of America General Services Administration (GSA) (S&P: AA+) serves as the property’s largest tenant, occupying a total of 133,689 s/f and providing a significant credit anchor. The building covers an entire city block bounded by South 6th St., Chestnut St., South 7th St. and Sansom St., with unparalleled views of Independence Square Park, Center City Philadelphia, Old City and the Delaware River.
In the center of several of Philadelphia’s most dynamic neighborhoods, the building offers immediate proximity to nearly 6 million s/f of office space, the high-end residential neighborhoods of Washington Square West and Society Hill and the extensive array of retail shops and restaurants offered in Old City. The site provides convenient access to public transportation, as well as to Interstates 95, 676 and 76.