Equity Commonwealth Divests Philly CBD Asset in $160M Deal

Chicago-based Equity Commonwealth sold 1600 Market Street, a 39-story office tower in Philadelphia’s CBD to an affiliate of American Real Estate Partners (AREP) in a $160 million sale and financing transaction. The Class A property totals 825,968 square feet, and benefits from its “Main & Main” location in the Market Street West submarket

The submarket’s ever-improving leasing fundamentals generates significant leasing demand from Center City’s office and retail tenants. American Real Estate Partners has renovation plans to amenitize the 85%-leased property and enhance the lobby retail experience.

HFF’s Doug Rodio and Brett Segal represented the seller, and procured the buyer. Additionally, HFF’s Ryan Ade and Cary Abod worked on behalf of AREP and its institutional joint venture partner to secure a three-year, floating-rate loan for the acquisition.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With HFF’s Rodio

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

Order Reprints

◦Sale/Acquisition

Sub Markets

National

Property Sectors

Topics

National CRE News In Your Inbox.

Equity Commonwealth Divests Philly CBD Asset in $160M Deal

Inside The Story

About Dennis Kaiser

STAY INFORMED

Sub Markets

National

Property Sectors

Topics

National CRE News In Your Inbox.

Equity Commonwealth Divests Philly CBD Asset in $160M Deal

Inside The Story

About Dennis Kaiser