1201 Chestnut Street, Philadelphia, PA
SSH purchased 1201 Chestnut Street a 60% leased Class B/C office building with plans to complete a conversion to luxury apartments. After successfully negotiating relocations with the existing office tenants, SSH oversaw a $17 million renovation that was partially capitalized through the sale of historic tax credits. Our extensive in-house expertise with historic office buildings was instrumental in completing this project on budget and on time. Our management and leasing teams flawlessly completed the lease up of the retail and the 98 apartment units. The Property was promptly sold to an institutional investor to realize maximum value and superior returns for our investors. This was a significant and transformative project, as it was the first luxury apartment building delivered at the time in the submarket East of Broad. Since completion, this submarket now known as East Market has exploded in growth with several billion dollars of new investment and over 1,000 new apartments within a block of this Property.
SSH Real Estate sold The Commonwealth for $29 million ($263 per SF) in 2012.