MRP Recapitalizes Philadelphia Portfolio in JV with Goldman Sachs
“This portfolio of properties provides us a unique opportunity to control an irreplaceable block of class A office product across three recently renovated and repositioned assets that cater to diverse users,” says Charley McGrath, MRP’s Philadelphia managing director.
PHILADELPHIA, PA—MRP Realty has recapitalized its four-property Philadelphia portfolio in a joint venture with the Merchant Banking Division of Goldman Sachs.
The portfolio includes 400 Market Street with 181,587 square feet, 325 Chestnut Street at 206,816 square feet, The Bourse building at 305,922 square feet, and The Bourse Garage with 453 parking stalls. Since acquiring the properties in 2016, MRP has executed extensive capital improvements across the three office assets, including a full repositioning of the Bourse Food Hall, which opened in November of 2018.
“This portfolio of properties provides us a unique opportunity to control an irreplaceable block of class A office product across three recently renovated and repositioned assets that cater to diverse users,” says Charley McGrath, MRP’s Philadelphia managing director. “As a historic submarket, the core area here has proven durability and ongoing viability – and the newly repositioned Bourse is Philadelphia’s only historic trophy office asset.”
The properties are located in the historic epicenter of Philadelphia on 4th Street between Chestnut Street and Market Street in the Market Street East submarket. Adjacent to Independence Mall, they are within a burgeoning commercial area of 4.9 million square feet of class A office space across nine buildings. Current tenant mix includes technology, media, communications, law, and retail industries, with the largest tenants MakeOffices and Entercom (CBS Radio).