1616 Walnut In Rittenhouse Square To Become Condos?
1616 Walnut In Rittenhouse Square To Become Condos?
Philly.com wrote an article about 1616 Walnut being purchased by a Maryland corporation who is considering converting the offices into condos. 1616 Walnut Street, a 25 story building built in 1929 that is 90% leased, is on the National Register of Historic Places. The buyer, Federal Capital Partners of Chevy Chase, Maryland, also own the Robert Morris Building at 1701 Arch Street. 1616 Walnut Street was acquired through a joint venture with Philadelphia-based Cross Properties and 806 Capital L.L.C., also of Philadelphia. The venture purchased the building from Isard-Greenburg Co., which owned the building for more than 30 years.
“1616 Walnut is situated in the heart of Center City’s high-end retail, dining and shopping district and close to Rittenhouse Square. It encompasses 188,560 square feet of office space, 7,210 square feet of retail space at street level, and a 160-space parking garage, according to FCP.”
Federal Capital Partners is a privately held real estate investment firm with interests in more than $3 billion in assets, including commercial and multifamily buildings. Besides Philadelphia, it has properties throughout the Mid-Atlantic region, including Washington, Baltimore, Virginia, and North Carolina.
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
CenterCityTeam.com: Philadelphia Real Estate
