Peter Soens, principal, and Brendan Ryan, associate at locally based Seligsohn Soens Hess/TCN Worldwide, were the sole brokers in the transaction. SSH has been the leasing agent for the building for the past eight years and will continue in that capacity. Equivest, which has managed the property since 1986, will also stay on as property manager.
The building was completed in 1916 and has been recently renovated with an upgraded lobby and new, tenant-controlled HVAC system. The floor sizes are just 4,800 sf, which enables small tenants to occupy full floors. The building is located near Avenue of the Arts and Center City restaurants and shops and features high ceilings and views to the south and west.
According to Soens, it has historically maintained a very high occupancy level. The rental rate is $18 per sf. "The decreased supply of competitive buildings and influx of Center City residents has created excellent long-term opportunities for small, well located class B office buildings like 1429 Walnut," he notes.
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