Developer Parkway Corp. has closed $ 187 million in financing through commercial real estate finance company Meridian Capital Group to build an office tower in Center City, Philadelphia for its legal partnership Morgan, Lewis & Bockius.
The financing package, which consists of a construction loan from a multi-bank syndicate plus mezzanine debt and equity from finance firm Acore Capital, paves the way for the development of the 19-story building on 23rd and Market Streets, Meridian said in a release.
"We had to thread a needle during the COVID crisis," said Morris Betesh, a chief executive at Meridian who helped negotiate the deal, in the press release. "However, our lenders and capital partners stood by our side all the way."
Morgan Lewis, who is moving from an office building near City Hall, will be the sole resident of the $ 200 million, 305,000-square-foot tower at 2222 Market St. The project is said to be the first non-Comcast company in Center City. associated commercial office building for more than 20 years.