SSH Real Estate

Location

17th & Arch Streets, Philadelphia, PA

Size

106,000 SF Class B office building

Purchase Date

November, 2004

Purchase Price

$9 million ($85 per SF)

ACQUISITION

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.

EXECUTION

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.

RESULTS

SSH Real Estate sold the building to a multi-family developer for $15.75 million ($150 per square foot) in July, 2007.