PHILADELPHIA-Metro Development Corp., a locally based family firm headed by David and Michael Grasso, closes on its planned purchase of 1500 Walnut St. for $24.5 million. The seller is a joint-venture partnership between New York-based Praedium Group and JADS Alliance Equities, which is based here.

The JV acquired the building at Walnut and 15th Street in 2000 and has made significant capital improvements since then. The original 22-story structure was completed in 1926, and a second, 20-story structure and four-story parking garage were added in 1965. Seamless floor plates connect the two towers on floors one through 20, and each of the connected floors contains about 13,000 rentable sf.

In all, the property contains a total of 326,000 sf of rentable area, which includes approximately 260,000 sf of office space, 12,000 sf of ground-floor retail space, and a 54,000-sf, 160-space attached parking garage. The largest and most notable ground-floor retail tenant is Striped Bass restaurant, which opened in 1994 and ranks among Philadelphia’s finest. Among the office tenants are Rosemont College@Philadelphia, Beyond Books, Dance Advance and several law firms, professional service firms and nonprofits.

New York-based Sonnenblick-Goldman Co., represented the sellers in the transaction. Andrew Oliver, managing director and principal of Sonnenblick-Goldman, says, “1500 Walnut St. generated tremendous interest from investors, which demonstrates continued strong demand for well-located Center City Philadelphia office buildings.”

Mark Ehlinger, the company’s director, says Praedium “identified and purchased an under-performing asset, improved it in partnership with a locally-based operator, and then sold it on the basis of substantially higher and stronger cash flow.” Metro owns the Packard Building at 15th and Chestnut streets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.