Philadelphia-based independent real estate finance and advisory firm Llenrock Group has completed $50 million in permanent financing for a 25-story office tower located on Rittenhouse Square in Center City, one of Philadelphia’s most prestigious neighborhoods.
According to the company, 1845 Walnut Street is a Class A office building jointly owned by Frankel Enterprises, Allan Domb Real Estate and Resource America, Inc., a local asset management firm. Llenrock secured a fixed-rate, 15-year loan at less than 5 percent interest through an unnamed U.S. pension fund and negotiated an interest-only period on behalf of its clients.
Also known as the Mutual Benefit Life Building, the 350,000-square-foot property was built between 1968 and 1972 by the Mutual Benefit Life Insurance Company of Newark, New Jersey under plans designed by Eggers & Higgins. Standing above a former five-story parking garage then owned by the Philadelphia Parking Authority, the building was added to the “Philadelphia Register of Historic Places” in February 1995. According to information from PropertyShark.com, the life insurance company purchased the parking garage at 1845 Walnut Street in November 1985 for $10.05 million.
“We were very pleased with the rates, terms, and service we received for 1845 Walnut Street, which in our opinion offers tenants some of the best views of the city combined with great service in the best location of Philadelphia,” said Allan Domb of Allan Domb Real Estate speaking of his experience working with Llenrock.
The office building, which is the only one overlooking the vibrant Rittenhouse Square in Philadelphia’s Market West submarket, is over 90 percent occupied.
Image via Llenrock Group