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PHILADELPHIA-A private real estate investment partnership led by Larry Botel of New York City-based BCRE Investments/Brack-Capital Real Estate acquired the 17-story, 140,000-sf Robinson Building at 42 S. 15th St. at the corner of Chestnut Street for just shy of $11.4 million or about $81.29 per sf. The seller is Valhalla, NY-based Diamond Properties.

The building was constructed in 1902 and is 97% occupied. Among the major office tenants are Local 36 of the Service Employees International Union, Educational Data Systems and Information Ventures. The rental rate for office space in the building is $18 per sf. The property also includes ground-floor retail currently occupied under lease to Wendy's, Dunkin' Donuts and Quiznos.

The new owner plans upgrades to both the interior and exterior of the property, brokers at locally based Seligsohn Soens Hess/TCN Worldwide tell GlobeSt.com. Peter Soens, a principal, and Judy Simon, SVP of SSH, were the sole brokers in the transaction.

Chestnut Street is currently undergoing revitalization. The recent relocation of two small Di Bruno Brothers units on 18th Street to a single, two-story 12,000-sf space at 1730-1732 Chestnut, which includes café, is the latest upscale addition to the stretch that now also includes Continental Restaurant and extends west from Broad Street to just north of the edge of Rittenhouse Square.

Instant Insights /

Diamond Properties Sells Robinson Building for $11M Plus

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