The landlord behind one of downtown Philadelphia's skyline fixtures has secured a financial lifeline in exchange for “significant additional equity investment” in the tower as the national office market stumbles along its post-pandemic recovery.
Center City Philadelphia office tower lands extension on hefty loan
American Real Estate Partners secures four-year deal as financial lifeline for PNC Bank Building
By Katie Burke
CoStar News
January 17, 2025 | 8:30 P.M.
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IN THIS ARTICLE
- Properties
- PNC Bank Building
1600 Market St, Philadelphia, PA
- Companies
- American Real Estate Partners (AREP)
Real Estate
- JPMorgan Chase & Co.
Finance and Insurance
- BlackRock, Inc.
Finance and Insurance
- Natixis Corporate & Investment Banking
Finance and Insurance
- JLL
Real Estate
- Contacts
- Paul Schulman
Chief Operating Officer, American Real Estate Partners (AREP)