1835 Market sold for $100M
Nightingale buys office tower from Clarion
The office tower at 1835 Market St., Center City Philadelphia, has been sold by Clarion Partners to Elie Schwartz's New York-based Nightingale Properties for $100 million, says broker Doug Rodio, head of the Jones Lang LaSalle team that managed the deal.
The 650,000 sq. ft. building is 75% leased, according to Rodio. It's Nightingale's third Philadelphia purchase since 2011. Nightingale is also an owner of 1700 Market St. and 1500 Spring Garden St. (the former Smith Kline building).
Starwood Properties will finance $90 million of the sale price, through a five-year, floating-rate loan. JLL says his firm will close on $1 billion in Philadlephia property sales for 2014.