Robert Morris Building
17th & Arch Streets, Philadelphia, PA
106,000 SF Class B office building
$9 million ($85 per SF)
The Robert Morris Building was purchased in an “off-market” transaction from a long-term existing client prior to the announcement of the new world-class 1.2 million square foot Comcast Center next to the building.
SSH Real Estate maintained a 90+% occupancy rate throughout the holding period of the building, while structuring leases to offer the flexibility for a conversion to a residential/hotel use. The rental rates were also increased from $16.50 to $18.50 per square foot, full service. The building was successfully marketed for sale to capitalize on the momentum created by the completion of the Comcast Center and the westward expansion of the Pennsylvania Convention Center to within three blocks of the building.
SSH Real Estate sold the building to a multi-family developer for $15.75 million ($150 per square foot) in July, 2007.Download Case Study PDF