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Master Lease Figures in Philly Development Opportunity
Rittenhouse Realty Advisors is marketing a development opportunity under a master lease at 1620 Sansom St. in Philadelphia’s Rittenhouse Square neighborhood. It’s an opportunity to build 208 apartments, which will be master leased to apartment-style hotel chain Sonder Inc., above the existing 300-space parking garage.
The current ownership of 1620 Sansom, New York City-based Bridge Funding, is aiming for either a joint venture or an outright sale. Rittenhouse’s Ken Wellar called this arrangement a “unique opportunity.”
Sonder is expanding its presence in Philadelphia. Rittenhouse’s Chris Egan and Seth Douglas recently sold 222 Vine St., a 15-unit apartment building which also has a master lease in place with Sonder, to an out-of-state buyer.
“Sonder sees the value in Philadelphia’s growth as a ‘Meds & Eds’ city that brings increased popularity and demand to both the traditional hotel and short-term rental markets,” said Douglas.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
