ICON at 1616 Walnut Street, Philadelphia, PA

ICON 1616 Walnut

Off-market purchase with JV partners of Class B office building in Center City location

Asset Summary:  25-story, 280,000 square foot Class B office building with substantial retail component

Date Closed:
February, 2012

Investment Strategy:

  • Office to residential conversion
  • Plan to deliver new Class A property well below replacement cost
  • De-leased building six months early; construction underway in 2013
  • Secured $18 million in historic tax credits
  • Leasing highly desirable street level retail space to strong tenants

Exit Strategy: Refinance or sell property at stabilization