MZP AG, a Switzerland-based investment company has purchased a Rittenhouse Square building in a $5.23 million deal, writes Paul Schwedelson for the Philadelphia Business Journal.
The six-story building at 1619 Walnut Street is mostly-vacant and saw a 70 percent decline in its sale compared to the $19.2 million New York-based Nuveen Real Estate paid in 2013.
The fund that Nuveen used to acquire the building is winding down, which is what pushed Nuveen to sell the property.
New Balance occupies the ground floor of the building, while the office space above it is fully vacant.
The space was previously home to Brasserie Perrier, the landmark bistro of restaurateur Georges Perrier, which closed back in 2008.
More recently, real estate firm Keller Williams occupied two floors of office space in the building before vacating it over a year ago.
It has not been confirmed what MZP AG will do with the property; however, the building was marketed as a prime residential conversion opportunity.
“The property’s premier location along Walnut Street, combined with significant value-add potential through lease-up or residential conversion, made it an attractive investment for the buyer,” Jim Galbally, co-head of JLL, said in a statement.
In the CMX-5 zone, the property sits in Philadelphia’s most lenient zoning designation.
Read more about the sale of the 1619 Walnut Street building in the Philadelphia Business Journal.
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