Thursday, January 8, 2015

New York's Nightingale Properties Expands Center City Holdings With Seven Penn Purchase

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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