Liberty Property Trust buys $99m medical building in Philly

Liberty Property Trust buys $99m medical building in Philly

Published at: 2019-07-04 16:58 | Author: CIJ USA
Liberty Property Trust has closed on the $99.25 million sale of a medical office building in downtown Philadelphia. The 12-story, 153,242 sqf building was purchased by University of Pennsylvania Health System. Located at 800 Walnut Street, the firm developed the asset in 2013 for $48.5 million. Liberty Property Trust will use a share of the proceeds to repay $35.9 million of mortgage debt on the property. The company will realize a loss on early extinguishment of debt of $7.6 million in the second quarter of 2019. The secured loan carried an interest rate of 4.84 percent and was scheduled to mature in 2033. At the time of closing the tower was 100 percent leased to The University of Pennsylvania Health System.

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