X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-New York-based J.P. Morgan Chase & Co. sells One South BroadSt., a Center City landmark constructed in 1932 and completely renovated in2000. The sale price was $42 million.

New York-based Carlton Advisory Services arranged the 10-year, fixed-rate loan for the acquisition, according to company representatives. Carlton principals declined to revealthe identity of the lender or the interest and amortization rate of thefinancing. Nor would they confirm or deny published reports that the buyeris David Werner, a private real estate investor in New York.

GlobeSt.com’s inquiries to representatives of the local office of Cushman &Wakefield, which marketed the property, were not returned by press time.

The 465,000-sf, class-A building is across from Pennsylvania Square on whatis now called the Avenue of the Arts. In the 1950s it was home toPhiladelphia National Bank and, therefore, is sometimes referred to as thePNB Building.

In the recent renovation, New York-based Sydness Architects redesigned thebase of the building and connected it to the neighboring Widener Building.

Carlton’s chairman, Howard J. Michaels, arranged the financing with theassistance of senior vice presidents Michael J. Campbell and Neil B. Bane.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.