Allan Domb has expanded his Rittenhouse Square holdings and
picked up 1801 Walnut St., the building that houses Anthropologie.
The acquisition adds to a growing portfolio of properties
that the self-described condo king now owns in that part of Center City.
In addition to having a stake in 1845 Walnut St., which is
an office building, Domb within the last couple of years bought the Alison
building at 1805 Walnut St. where Barnes & Noble is the anchor retail
tenant as well as the space at 10 Rittenhouse Square where Serafina and
Barney’s are located. He also owns the Wellington, 250 S. 18 th St., 233 S. 20
th St., and 120 S. 16 th St.
The 23,598-square-foot property at 1801 Walnut was sold by
ARC Properties. Domb declined to disclose the sale price, citing a
confidentiality agreement. However, when it was first put up for sale nearly a
year ago, some estimated it could trade as high as $40 million.
Jones Lang LaSalle arranged the sale.
Anthropologie’s lease was scheduled to come due in May 2016.
However, the retailer, which is owned by Urban Outfitters, signed a new deal to
stay in the space for another 15 years, Domb said.
Domb is bullish on this part of Center City, though it has
room to improve with additional streetscaping, better retailers and better
restaurants, he said.
“I view this as beach front,” Domb said. “I’m interested in
taking existing properties, upgrading them and bringing them back to life.”
Domb cited buying the Barclay in 1999 when “Walnut Street
was dead” and watching the area slowly get better.
The property at 1801 Walnut was originally constructed as a
residence in 1898 and designed in a Beaux-Arts style by Peabody and Stearns, a
Boston architectural firm.
Source: Philadelphia
Business Journal
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