
A prime Rittenhouse Square property on Walnut Street’s shopping corridor is up for sale as a potential conversion opportunity. Located at 1619 Walnut St., the nearly 35,000-square-foot building recently welcomed New Balance as a ground-floor tenant. However, 59% of the space remains vacant, per marketing materials.
Owner Nuveen Real Estate is asking about $10 million, significantly below the $19.2 million sale price in 2013 and its current city assessment of $8.3 million. New Balance occupies nearly 4,000 square feet under a new 10-year lease, while Keller Williams leases two floors, with their agreement expiring in 2028. This leaves three floors and a below-ground level—totaling 19,795 square feet—available. New Balance relocated to the property from 1615 Walnut St.
*Article courtesy of Philadelphia Business Journal
For more information about Philadelphia retail space for sale or lease, please contact WCRE at 215-799-6900.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors, and sellers.
Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.