Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-The Mellon Independence Center, former home of the Lit Brothers department store and one of the most significant historical redevelopment projects in this city’s history, has a new partner. Zurich Structured Finance Inc. has acquired a majority stake in the 811,112-sf landmark on Market St. between 7th and 8th streets, 651,000 sf of which is occupied by Mellon Bank on a 25-year lease.

Though terms of the transaction were not disclosed, Brickstone Cos., which acquired the property in the mid-1980s and renovated it at a cost of $95 million, reportedly was asking roughly $100 million, or $100 to $125 per sf for the facility when it was placed on the market early this year, according to the Philadelphia Business Journal. Brickstone will continue to manage the office and retail complex.

Erected over nearly a half century, from 1859 to 1907, the renovated 11-building Victorian center was given the National Preservation Honor Award by the National trust for Historic Preservation.

Sonnenblick-Goldman Co., a real estate investment banking firm based here, served as advisor to Brickstone.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.