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Property Description
A 6,876 retail condo with corner frontage at the floor level of the newly constructed Hyatt Centric in Philadelphia’s prestigious Rittenhouse neighborhood. The Property provides investors a value-add opportunity with a retail condo ideally positioned at the corner of 17th and Chancellor Streets to significantly enhance value via a multi-faceted leasing strategy directly adjacent to Rittenhouse Row, one of the top urban retail destinations in the country, joining retailers that include Tiffany’s, Apple, Warby Parker, La Colombe and many more.
Located in the heart of Center City Philadelphia, the Property benefits significantly from the rapid momentum the Center City District has generated over the last 10 years. The 3rd most populous downtown in the United States, Center City Philadelphia’s population has grown over 18% over the last 10 years, with over 37.5% of residents between ages 25 and 34. The Property is new construction with floor to ceiling glass frontage, 25 foot ceilings and corner frontage along the 1700 block adjacent to Walnut Street, which hosts over 18,400 pedestrians per day on weekdays and 19,800 pedestrians per day on weekends.
The Property is a generational investment opportunity to acquire retail space within the five-block section of Walnut Street between Broad Street and Rittenhouse Square in one of the most desirable neighborhoods in Philadelphia. The Rittenhouse Row corridor has an excellent history of low vacancy and excellent rent growth, evidenced by its ability to attract high-end retailers such as Apple, Tiffany & Co. and many more.
Investment Highlights
- Value Add Opportunity to Lease Up Retail Condo at Base of Newly Constructed Hyatt Centric Hotel in Center City Philadelphia
- Significant Corner Frontage at Corner of 17th and Chancellor in Rittenhouse, Considered one of the Most Renowned Neighborhoods in Center City Philadelphia
- Located Adjacent to Rittenhouse Row, A Regional Shopping Destination with Significant Foot Traffic and a Prestigious Lineup of Retailers and Restaurants
- Excellent Demographics in Center City Philadelphia with Over 62.5 Million SF of Office Space, 193,000+ Residents and Over 14,700 Hotel Rooms in Center City
- New Construction with Flexible Layout and Opportunity to Lease One Suite or Demise as Two Separate Suites
Jim Galbally
Senior Managing Director
T +1 215 988 5551
Chris Munley
Senior Managing Director
T +1 484 532 4207
M +1 609 610 1096
Paige Jaffe
Managing Director
T +1 215 988 5513
Colin Behr
Senior Director
T +1 215 399 1819
M +1 215 896 4253
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