The six-story, 35,000-square-foot building at 1619 Walnut
St. sits in the heart of Rittenhouse Row, which is Center City’s main retail corridor.
It is flanked by high-profile retailers including Apple, Urban Outfitters and
True Religion and it's home to a flagship Ulta Beauty cosmetic store. Retail
rents in that area stand at about $185 a square foot and is a hot retail
market.
Vesper Property Group bought the property in 2008 for $7.4
million from the Girard Estate. While some had estimated the building trading
for upwards of $22 million, it’s believed the property sold closer to about $18
million.
Gary Silvi of Vesper Property declined to comment on the
transaction other than to say “this was a successful project.” CBRE Inc. had
marketed the property.
When Vesper bought the property, Brasserie Perrier, a
restaurant operated by renowned chefs Georges Perrier and Chris Scarduzio,
occupied space in the building. With little notice, the well-regarded eatery
closed in 2009 after 11 years in business. Ulta, which has a 10-year lease,
backfilled that space and takes up 13,600 square feet. The remainder of the
building consists of office space.
The art deco building was constructed in 1937 and was
originally occupied by Westinghouse Broadcasting and later KYW-TV.
Vesper invested $6.5 million in interior and exterior
upgrades to the property. The most visible alteration is a glistening glass
facade designed by Bohlin Cywinski Jackson, architects who many know as the
designer of the Apple stores. At one point, Apple was interested in leasing
space in the building for its Philadelphia store but it shifted focus to a
freestanding building a few doors down.
Source: Philadelphia
Business Journal
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