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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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