Juniper & Walnut Streets, Philadelphia PA
SSH Real Estate acquired a 885,000 SF, two building complex, consisting of 123 S. Broad and The Witherspoon Building in a two-part transaction in 2008 and 2018. SSH Real Estate in a Joint Venture with an Institutional Equity Partner, completed its vision by separating the buildings after purchasing a defaulted note to gain control of the entire complex and recapitalized the project into two distinct investments. The Witherspoon Building at the time of the recapitalization was 100% vacant and SSH Real Estate had full plans to redevelop the asset. The historic Witherspoon Building was redeveloped into a 186-unit, Class A apartment building. SSH Real Estate was able to prelease 100% of the building in a master lease with an Apartment Hotel operator.