Two Rittenhouse properties sell, one for $9.1M

GH Realty has bought two prime Rittenhouse Square properties in Center City for a combined $10.6 million. The company, which is run by David Grasso, acquired the two commercial condominiums. Kimco Realty Corp. was the seller, and Robert Fahey of CBRE Inc. arranged the transaction. At 1805 Walnut, which is also known as the Alison building, Grasso paid $9.1 million for 31,902 square feet over floors four through eight. The space has been carved into a dozen residential condos with the eighth floor being a 3,611-square-foot penthouse. The Barnes & Noble is in a separate commercial condo and not part of the deal. At 1831 Chestnut, Grasso paid $1.5 million 25,965 square feet over floors two through 10. It operates as an office building and it is 34 percent occupied. Kimco had originally intended to convert the space into apartments. Grasso couldn’t be immediately reached for comment. Rittenhouse Square saw two other recent sales. Pearl Properties bought 1401 Walnut St. for $15 million. Allan Domb paid $17 million the commercial condominiums at 10 Rittenhouse Square that contain the Barney’s clothing store and Serafina, a restaurant. Now, the building housing the flagship Anthropologie store on Rittenhouse Square is up for sale. That property at 1801 Walnut St. totals 23,598 square feet. Source: Philadelphia Business Journal