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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES EQUITY INVESTMENT IN MELLON INDEPENDENCE CENTER |
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Tuesday, August 14, 2001
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New York, NY
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Zurich Structured Finance, Inc. has become a majority partner in Mellon Independence Center, an 811,182 square foot landmark office and retail complex located in Center City Philadelphia. The transaction was arranged by Sonnenblick-Goldman Company, acting as the exclusive advisor to the Brickstone Companies. The Brickstone Companies will continue to manage Mellon Independence Center, which is leased to Mellon Bank, N.A. on a long-term basis.
The property, formerly the Lit Brothers department store, is located on Market Street between 7th and 8th Streets in the rapidly emerging Market Street East submarket. Originally assembled between 1859 and 1917, Brickstone acquired the property and completely renovated it to a first class office and retail complex from 1986-1988. Upon completion of the renovation in 1988, Mellon Independence Center was awarded the National Preservation Honor Award by the National Trust for Historic Preservation.
Steven A. Kohn, President of Sonnenblick-Goldman, said, “This transaction demonstrates the continued strong demand for high quality properties that are net leased to investment grade tenants under long-term leases. In addition, the continued improvement of the Market Street East submarket makes Mellon Independence Center an excellent long-term investment.” |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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