PHILADELPHIA, PA—Cushman & Wakefield is serving as exclusive advisor to an affiliate of The Brickstone Companies to arrange the recapitalization of Mellon Independence Center, 701 Market Street, Philadelphia, PA. The $88.2 million transaction involved securing joint venture equity from Madison International Realty and debt financing from Natixis Real Estate Capital.

The Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Dave Karson, Alex Hernandez, Chris Moyer, and Suraj Ravi worked with The Brickstone Companies.

“The capital markets respected Brickstone's extensive history with this historic architectural edifice, and valued Brickstone's successful re-tenanting of the property with high-quality credit tenants,” says Kohn, president of Cushman & Wakefield's Equity, Debt and Structured Finance group.

“The property is well positioned to benefit from the pending redevelopment of the Market East corridor, with significant upside potential in its retail space and the imminent addition of rooftop signage,” said Hernandez, managing director.

Mellon Independence Center is an award winning, seven story, 721,000 square foot institutional quality office and retail building located just steps from the Federal Courthouse, the Market Street East Train Station and Independence Mall. The property is widely considered to be among the finest commercial building restorations in the United States. Built in 1917 as the Lit Brothers Department Store, the property was gutted and renovated in 1986 by Brickstone.

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Cushman & Wakefield Arranges Recap for Philadelphia's Mellon Independence Center

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