Newmark announces it has completed the sale of 1500 Locust, a 45-story, mixed-use multifamily building in the famous Rittenhouse Square Submarket of Center City Philadelphia. The 612-unit property sold for $233 million—the largest single-asset sale in the history of Philadelphia’s multifamily market.
Newmark Executive Managing Directors Lizann McGowan and Erin Miller represented the seller, Barings, which traded the asset on behalf of an institutional client. The asset was buyer Fairstead’s first acquisition in Philadelphia. Transaction Manager Marybeth Farris and Financial Analyst Chris Koehler provided support on the transaction.