PHILADELPHIA — A roundup of real estate deals you may have missed this week includes two new tenants taking a combined 43,000 square feet in a building a block off of North Broad Street and a Fort Washington, Pa.-based company upping the size of its headquarters to nearly 200,000 square feet.
Library for the Blind and Physically Handicapped, which is part of the Free Library of Philadelphia, signed a 15-year lease on 10,183 square feet at 1500 Spring Garden St. in Philadelphia and will relocated from 919 Walnut St. Keith Kiner and Mike Anderson of PernaFrederick Commercial Real Estate represented the tenant. In another lease at 1500 Spring Garden, Hussian College signed a 12- year lease on 32,771 square feet at the building. The school was represented by Veronica Blum of MPN Realty and is relocating from the Bourse at 111 S. Independence Mall. George Cauffman, Joseph Wolff, Kevin Maloney and David Mendez of CBRE Inc. represented the landlord, Nightingale Properties. The building is now 90 percent occupied.
Arden Credit Fund, an affiliate of Arden Group, originated a $25 million mezzanine loan that was backed by a portfolio of 22 hotels with 2,883 rooms owned by the Shidler Group of Honolulu. Arden’s mezzanine loan is subordinate to a $204 million first mortgage which was securitized by Bank of America Merrill Lynch. The portfolio was bought over the last two years from Wheelock Capital, Chartwell Hospitality and Hersha Hospitality.
Natalie Kostelni, Reporter
Philadelphia Business Journal