Dealmaker: Newmark Completes $233M Philadelphia Multifamily Sale

Newmark, New York, completed the $233 million sale of 1500 Locust, a 45-story mixed-use multifamily building in Center City Philadelphia.

A joint venture between Fairstead, New York, and Castlelake, Minneapolis, purchased the 612-unit property with plans to renovate it.

Square Mile Capital Management LLC, New York, provided $195 million in acquisition financing.

Newmark Executive Managing Directors Lizann McGowan and Erin Miller represented seller Barings LLC, Charlotte, N.C., which traded the asset on behalf of an institutional client. Transaction Manager Marybeth Farris and Financial Analyst Chris Koehler assisted with the transaction.

“1500 Locust offered a generational investment opportunity to acquire a landmark mixed-use asset in one of the nation’s most prestigious and highly sought-after submarkets,” McGowan said.

Totaling 828,700 gross square feet, 1500 Locust has a mix of studio, one-, two- and three-bedroom units averaging 852 square feet. 1500 Locust is located at the confluence of three Center City neighborhoods: Rittenhouse Square, the Avenue of the Arts and the West Market Street office corridor. The property is on the southwest corner of 15th and Locust Streets, placing it one block south of Rittenhouse Row and one block from Philadelphia’s Avenue of the Arts, which houses the Kimmel Center for the Performing Arts, The Merriam Theater, The Wilma Theater and The Suzanne Roberts Theater.