The joint venture of Nightingale Properties and Wafra Capital Partners has secured $388 million in refinancing for its 1500 Market St. office tower in Philadelphia.
Newmark Knight Frank and Walker & Dunlop arranged the refinancing from JP Morgan.
1500 Market is a 1,759,410-square-foot, class A office and retail asset in the Market Street West submarket. 1500 Market consists of two towers, rising 36 floors in the East Tower, and 43 floors in the West Tower, which are connected by a three-story atrium, 450-spot parking garage, and offers direct access to Philadelphia’s regional rail and subway lines.
The two-tower complex was extensively renovated by current ownership.
The Nightingale/WCP JV is currently the second-largest office landlord in Philadelphia, the largest privately-owned office landlord in Philadelphia, controlling approximately a quarter of the office inventory in the CBD, according to an article by Real Estate Weekly.
