Federal offices change hands in $485M deal
The Homeland Security and immigration offices at 1600 Callowhill have been sold with 13 buildings in other cities to a New York investor.
UrbanAmerica LP, an affiliate of John O. Utendahl's New York-based Utendahl Organization, which calls itself one of the largest minority-run financial organizations in the U.S., has bought 14 buildings from Australia-based Rubicon America Trust, including one in Philadelphia, for $485 million, of which $389 million will pay Rubicon's debt on the buildings. The properties are 98 percent leased to federal government agencies.
See Rubicon's release here, and Utendahl's bio on this page (scroll down).
The Philadelphia building houses the Bureau of Homeland Security and immigration offices at 1600 Callowhill St., a former Middishade clothing factory that's federally-certified as a historic building.
For more on the deal, see also article at PrivateRealEstateEquity.net here.