City Councilman Purchases 19-Story Rittenhouse Square Office Building
Real estate investor Allan Domb has made his first purchase since becoming a city councilman in Philadelphia, and it's a 19-story, roughly 100k SF office building at 1525 Locust St.
The Class-A office building is the only one of its kind in Rittenhouse Square, which is otherwise dominated by the hospitality industry. Domb has no plans to alter the building. “There’s no long-term play," Domb told the Philadelphia Business Journal. "I wanted to make sure people in the building continue to use Schlesinger’s, my delicatessen next door. That’s the return on investment.”
That investment is a reported $17M, brokered by MPN Realty, with the building all but fully leased. Ten floors are occupied by law firm Kline & Specter, whose employees presumably constitute the bulk of Schlesinger's clientele. [PBJ]
