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Wednesday, 19 April 2000

Law Firm Renews, Expands Lease at Philadelphia Tower

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April 20, 2000

PHILADELPHIA – The law firm Ballard Spahr Andrews & Ingersoll has renewed and expanded its lease at the Mellon Bank Center, a Class-A building on West Market Street in Philadelphia's central business district.

The law firm will expand its operations to a total of almost 205,000 square feet at the top of the pyramid-capped building, owned by HRPT Properties Trust (NYSE:HRP) of Massachusetts.

Terms of the lease could not be learned, but rental rates have been rising in Center City Philadelphia. Area brokers estimate Ballard will be paying $30-$33/sf for its space, well above the city average (roughly $25/sf for Class-A space).

Wayne Fisher and Craig Scheuerle of the Philadelphia office of the Grubb & Ellis Co. (NYSE:GBE) negotiated the lease on behalf of HRPT.

Ballard is one of Philadelphia's oldest and most influential law firms. It was established in 1886. Its current chairman, David Cohen, was chief of staff under former Mayor Edward G. Rendell, who is now chairman of the Democratic National Committee.


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Philadelphia
  • States: Pennsylvania
  • Sector: Office
  • Subject: Leases (LSE)
  • Company: HypoVereinsbank
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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