SSH Real Estate

1429 Walnut Street


Location

1429 Walnut Street, Philadelphia, PA

Size

77,000 SF Class B office building

Purchase Date

January, 2005

Purchase Price

$7 million ($90 per SF)

ACQUISITION

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.

EXECUTION

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.

RESULTS

The building was sold September, 2007 for $16 million ($208 per square foot).

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