German Pension Fund Buys Stake in Patriots Plaza
ByIt’s always a full house at RealShare Philadelphia. The Union League, February 9.
Patriots Plaza
WASHINGTON, DC—Multi-Employer Property Trust has sold a stake in the crown jewel of its local portfolio — the 980,000-square foot Patriots Plaza Complex.
One of Germany’s largest pension funds,Ärzteversorgung Westfalen-Lippe, acquired a “significant interest” in the three-building complex, according to MEPT, which announced the recapitalization with its advisor, Bentall Kennedy. As part of the transaction, Allianz Real Estate of America provided a $237 million 10-year, fixed-rate,first mortgage loan. Genesis Internationalrepresented ÄVWL. MEPT was represented by Eastdil Secured.
In October, we reported that two sources had told us that MEPT and Bentall Kennedy were selling a stake in Patriots Plaza and the purchase price for the 50% share was to be $450 million or $459 per square foot…
