1701-1709 Arch St, Philadelphia, PA
SSH Real Estate purchased the Robert Morris Building in an off-market transaction from a long-term, existing client. This new acquisition was prior to the announcement of the world-class, 1.2 million SF Comcast Center adjacent to the building.
SSH increased the rental rate by 12%, maintained a 90%+ occupancy throughout the holding period of the building, and structured leases to offer the flexibility of a conversion to residential or hotel use. The building was successfully marketed for sale to capitalize on the momentum created by the completion of the Comcast Center and the westward expansion and proximity of the Pennsylvania Convention Center.
SSH Real Estate sold the building to a multi-family developer for $15.75 million ($150 per SF).