2400 Market St. refinanced with $220M loan

Lubert-Adler Partners has secured a $220 million loan to refinance 2400 Market St., a 592,476-square-foot Center City office building that is anchored by Aramark Corp.’s headquarters. 

Deutsche Bank issued the loan and terms were not disclosed. 

In 2014, a partnership between two Philadelphia real estate firms — PMC Property and Lubert-Adler — paid $42 million for 2400 Market, which had been known for years as the Market Place Design Center. Two years later, it launched the redevelopment of the building, which involved adding five floors, and secured a series of tenants to fill the vacant space. 

Aside from Aramark, it landed Entercom Communications Corp. — now Audacy — for its new headquarters and opened Fitler Club, a private, members-only lifestyle club, in 80,000 square feet in the building. Lubert-Adler also has its offices in 2400 Market. 

*Article courtesy of Philadelphia Business Journal

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