Developer closes deal to finance Philadelphia law firm's headquarters
Developer Parkway Corp. has closed on $187 million in funding through commercial real estate finance firm Meridian Capital Group to build a Center City Philadelphia office tower for law partnership Morgan, Lewis & Bockius.
The funding package, which consists of a construction loan from a multiple-bank syndicate along with mezzanine debt and equity from finance company Acore Capital, clears the way for the development of the 19-story building at 23rd and Market Streets, Meridian said in a release.
"We had to thread a needle throughout the COVID crisis," Morris Betesh, a Meridian senior managing director who helped negotiate the deal, said in the release. "However, our lenders and capital partners stood by us the whole way."
Morgan Lewis, which is relocating from an office building near City Hall, will be the sole occupant of the $200 million, 305,000-square-foot tower at 2222 Market St. The project is slated to be Center City's first non-Comcast Corp.-related commercial office building in more than 20 years.