6 Penn Center
Building Area: 302,700 sf
Six Penn Center is a 19-story, 302,700 sf Class “A” office building located in Center City, Philadelphia that was acquired in June of 2005. The property has office occupancy of 100% under a long-term net-lease to Morgan, Lewis and Bockius, LLP – one of the largest, most-respectable and oldest law firms in the United States.
This investment generates significant fee income and a low risk, stabilized current return. In addition, Pitcairn pursued this asset with the intention of creating a presence in a major CBD market and the ability of the transaction to attract considerable positive press coverage.
More importantly, this transaction forged a valuable relationship with Morgan Stanley, a major institutional player who happened to be the advisor to the seller. The deal took over a year to close and hit multiple potential deal breaking roadblocks along the way. The ability to endure and close Six Penn Center illustrates the impeccable reputation that Pitcairn prides itself upon and continues to maintain.