1100 Ludlow Street, Philadelphia, PA
SSH Real Estate, and their joint-venture partners, acquired a long-term ground lease for a full city block in the heart of Center City just blocks from Philadelphia’s City Hall. SSH Real Estate’s team managed and leased the existing buildings, and simultaneously positioned the site for a major redevelopment. Through a subsequent joint-venture agreement with National Real Estate Advisors, SSH executed a master plan for the site now known as East Market. The recently completed, $600 million, Phase I includes 560 luxury apartments across two new towers, 110,000 square feet of two-story retail, a 200-car underground parking garage, and a 220,000 square foot renovated Class A office building. The $500 million Phase 2 is now well under way to redevelop the historic Stephen Girard Building at 21 S. 12th Street into a 220-room luxury boutique hotel under the Canopy by Hilton brand, and a ground-up $400 million medical office building being constructed for Thomas Jefferson University. The hotel opened in 2020 and the medical office building is slated for completion in 2023. When completed East Market will be one the largest and most influential mixed-use development projects in the history of Philadelphia. SSH was instrumental in all phases of this project from acquisition to leasing, management, and development.