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Trio’s $100M Investment Consolidates Philly Tower Ownership

Philadelphia-based SSH Real Estate, Young Capital and Luxembourg-headquartered Quilvest Private Equity completed the $100-million recapitalization of the 880,000-square-foot 123 South Broad St. and Witherspoon Building complex in Philadelphia’s CBD.

The new partnership acquired Unit 1 earlier this year. Now, with Quilvest Real Estate’s investment in Unit 2, for the first time in 20 years, the 725,000 square foot 123 South Broad office building will be under common ownership.

The 1927-era building complex was previously split into two condominium units with separate ownership: Unit 1, composed of 255,000 square feet of the basement through fifth floors of both buildings; and Unit 2, composed of floors six through 30 of 123 South Broad St. and six through 11 of the Witherspoon Building, totaling 625,000 square feet.

SSH Real Estate and Young Capital had purchased floors six through 30 of 123 South Broad Street in March 2008.

HFF served as the broker for the financing.


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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