1429 Walnut Street
1429 Walnut Street, Philadelphia, PA
77,000 SF Class B office building
$7 million ($90 per SF)
This building was acquired in an “off market” transaction directly from a client of SSH Real Estate to capitalize on the below market, in place retail and office rents.
A $1.5 million renovation program was completed that included façade and lobby improvements along with the installation of three new elevators. Rental rates were increased from $16.50 gross to $19.00 per square foot, net of electric, and the building occupancy was increased from 80% to 100%.
The retail tenant was bought out and replaced with Armani Exchange at more than double the previous rent creating a major enhancement of value.
The building was sold September, 2007 for $16 million ($208 per square foot).Download Case Study PDF