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Greenberg Traurig Team Supports Joint-Venture Acquiring Historic Philadelphia Office Building Portfolio

PHILADELPHIA – Feb. 19, 2016 – A team of attorneys at global law firm Greenberg Traurig, LLP represented MRP Realty in transactions related to their acquisition of office, retail, and parking facilities in Philadelphia’s Old City neighborhood.

The portfolio includes the historic Bourse Building at 111 S. Independence Mall East, which opened in 1895 as America’s first formal commodities exchange and was among the first steel-framed buildings to be constructed. The more than 700,000 square foot acquisition also includes:

  • 400 Market St. – a 12-story, 169,000 square foot office building
  • Bourse Garage at 401 Ranstead St. – a 10-story garage
  • Constitution Place at 325 Chestnut St. – a 13-story, 87,760 square foot office building

Greenberg Traurig provided MRP Realty with real estate and finance counseling in this joint venture, which led to their controlling interest of the owners’ portfolio of properties. MRP Realty plans renovations for the properties including repositioning the Bourse’s ground floor for high-end dining, and updating office space to include open floor plans that appeal to tech and creative companies.

The Greenberg Traurig team included Joshua D. Cohen, Robert M. Goldich, Rachel Kipnes, and Michael A. Suleta of the firm’s Philadelphia office and Michael J. Baum of the Chicago office

The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and recognized leader in the industry. The firm’s real estate attorneys deliver diversified and comprehensive legal solutions for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of nearly 300 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, and Latin America. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.