An affiliate of American Real Estate Partners has spent $160 million to acquire a 39 story office tower in Philadelphia’s CBD. PNC Bank Building is located at 1600 Market Street and offers a total of 825,968 square feet of space. PNC Bank moved its regional headquarters and PNC Asset Management Group national headquarters to the 1600 Market Street building in 1997, occupying 15 floors. Holliday Fenoglio Fowler represented the seller, Equity Commonwealth. HFF also worked on behalf of AREP and its institutional joint venture partner to secure a three-year, floating-rate loan for the acquisition. The buyer has plans to renovate the property including an overhaul of the retail units in the lobby.
