$25.57 Million in Financing for Center City Philadelphia Office Building
- Date: 10 November 2021
- Source: CounterpointeSRE
- Author: Adam Moskowitz
CounterpointeSRE Provides $25.57 Million in Financing Through the Philadelphia C-PACE Program for renowned Class A Office at 100 Independence Mall West to support energy efficiency improvements.
CounterpointeSRE (Counterpointe Sustainable Real Estate) and the Philadelphia Energy Authority announced today the closing of $25.57 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Class A office building, 100 Independence Mall West.
Philadelphia City Councilmember Mark Squilla (District 1) is “thrilled to see C-PACE being used in Center City Philadelphia for energy efficiency improvements to this large commercial office building. $25.57 million invested in energy and water conservation for this iconic building is a big deal. This is by far the largest C-PACE financing in Philadelphia and Pennsylvania. This deal shows that C-PACE is a great solution for building owners to significantly reduce energy consumption thereby lowering operating costs, improving property value and combating climate change.”
Philadelphia City Council President Darrell Clarke noted that “using C-PACE to finance energy efficiency improvements for this iconic building, overlooking our historic Independence Mall, provides an excellent example of how commercial office building owners are using this important new financing tool to improve the value of their properties. It is also about job creation, fighting climate change, and improving the health of our residents. C-PACE is the mechanism that allowed Keystone Property Group to make this very significant investment in our city.”
Through C-PACE financing, occupants of 100 Independence Mall West’s 400,000+ square feet will benefit from improved energy infrastructure via upgrades to interior and exterior lighting, HVAC, building envelope and low flow water fixtures.
“This project is a great example of how clean energy financing enables important capital improvements and creates economic development. At the Philadelphia Energy Authority, we use energy as a tool for positive local impact, and this project exemplifies that. Congratulations to Keystone Property Group.” said Matt Stern, Senior Director of Commercial Programs at the Philadelphia Energy Authority, which administers the Philadelphia C-PACE program.
C-PACE is the mechanism that allowed Keystone Property Group to make this very significant investment in our city.
The Philadelphia C-PACE Program approved eligible improvements that will provide an estimated reduction of 852,000 pounds of CO2 equivalent per year and 10,000 fewer metric tons of CO2 equivalent over the next 26 years.
“We are pleased to complete a second transaction with the Philadelphia C-PACE team this year,” stated Michele Pitale, M.D., Managing Director at CounterpointeSRE. “100 Independence Mall West is important because it serves as an example of how sophisticated commercial real estate investment firms can use PACE to improve a building’s performance and cash flows in large metropolitan areas where programs are also new such as New York, Chicago, Boston and Seattle,” Dr. Pitale continued.
100 Independence Mall West was originally designed by Pietro Belluschi and completed in 1965. The nine-story property was formerly known as the Rohm and Haas Building and is listed on the National Register of Historic Places and is itself located within walking distance to several Philadelphia landmarks including the Liberty Bell and Independence Hall. (1)
About Philadelphia C-PACE
Commercial Property-Assessed Clean Energy (C-PACE) financing allows commercial property owners to borrow money for energy efficiency, renewable energy, and water conservation projects. Repayments are made via a special assessment similar to a property tax assessment. Key features include: 100% of project costs can be financed; repayment terms are up to 30 years; the special assessment stays with the property in the event of a sale. For more information, visit www.philadelphiacpace.org.
About Philadelphia Energy Authority
The Philadelphia Energy Authority (PEA) is an independent municipal authority created in 2010 to advance energy affordability and sustainability. PEA has facilitated over $167 million in clean energy projects in Philadelphia since launching the Philadelphia Energy Campaign in 2016, creating more than 1,700 jobs. As Program Administrator, PEA reviews and approves applications, manages the billing and lien processes, engages in market education, and supports the growth of the Philadelphia C-PACE program. For details, visit www.PhiladelphiaCPACE.org.
About Counterpointe Sustainable Real Estate:
Counterpointe Sustainable Real Estate (CounterpointeSRE) is the leading commercial real estate finance provider specializing in sustainable infrastructure improvements through PACE financing. Since 2013, Counterpointe and its affiliates have financed commercial real estate construction and upgrades that have reduced annual electricity consumption by greater than 51,000 MWh per year and reduced water consumption by 23 million gallons per year.
(1) Source: “Macquarie Investment Management to Relocate Philly HQ” by Scott Baltic, Commercial Property Executive, August 16, 2018
Counterpointe Sustainable Real Estate
Philadelphia Energy Authority