SSH Real Estate

East Market


11th to 12th Streets, Market to Chestnut Streets


18-story, 500,000 SF mixed-use complex, including a 322-unit residential tower; a 19,000 SF amenity level and outdoor deck, a 105,000 SF split retail podium, and 187 parking spaces.

Purchase Date

July, 2008

Purchase Price

$100,000,000 ($120 per SF)


East Market was purchased in an “off market” transaction in July, 2008 with Young Capital and JOSS Realty Partners through the purchase of a mezzanine note and then taking possession of the property six months later. Consisting of an entire city block in the heart of Center City, East Market had an excellent combination of in-place rental income and tremendous potential as a future development site.


Our initial focus was on stabilizing the asset through aggressive leasing and by securing operational efficiencies. This was accomplished resulting in a significant increase in the cash flow of the property. We then completed a major recapitalization of the asset which included a discounted payoff note and securing a $50 million equity investment for a JV Partnership with National Real Estate Advisors. With a new low basis in the property and a well-capitalized institutional JV Partner, we are now executing on Phase 1 of our development plan. This first phase is for a 325-unit residential tower, 150,000 square feet of new retail and a newly renovated 200,000 square foot office building. Construction is slated to begin in 2014 and finish Spring of 2016 with a total cost for the project of $230 Million.

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