1429 Walnut Street, Philadelphia, PA
SSH Real Estate acquired 1429 Walnut Street in an off-market transaction directly from a client. The intention was 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 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.
SSH Real Estate sold 1429 Walnut Street for $16 million ($208 per SF).