Nightingale Properties added Seven Penn Center to its growing Philadelphia portfolio. Philadelphia's Arden Group sold the 19-story, 286,574-square-foot Center City office tower at 1635 Market St. for $39 million in a year-end trade. Arden had owned the building since 1995.
Citibank provided $36.5 million loan, which includes $30 million in acquisition financing and $6.5 million to pay for planned property upgrades.
Nightingale is a Manhattan real estate investment firm founded in 2005 by Elie Schwartz and Simon Singer that focuses on value-add real estate investments with repositioning or redevelopment opportunities. With the Seven Penn purchase, Nightingale now owns a portfolio of four Center City office buildings in Philadelphia, including 1500 Spring Garden St., 1835 Market St. and 1700 Market St.
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