CBRE GROUP INC.’S NEW JERSEY CAPITAL MARKETS DEBT & STRUCTURED FINANCE TEAM ARRANGES $49.75 MILLION FINANCING FOR THE PUBLIC LEDGER BUILDING IN PHILADELPHIA
PHILADELPHIA (August 10, 2015) – CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today 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-square-foot 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 Street, the 65 percent-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 sq. ft. 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.
In the center of several of Philadelphia’s most dynamic neighborhoods, the building offers immediate proximity to nearly 6 million sq. ft. 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. The site provides convenient access to public transportation, as well as to Interstates 95, 676 and 76.
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.