Regions Midatlantic | Philadephia
Walnut Street Acquires 1800 Arch Street in Philadelphia
Oct 1, 2007

Walnut Street Capital has acquired a 1.5-acre parcel at 1800 Arch Street in Philadelphia in partnership with a national real estate equity fund. Terms of the transaction were not disclosed. Located directly across the street from the new Comcast Center, the property has operated as a surface parking lot since 1992. Prior to the acquisition by Walnut Street Capital, the parcel was owned by Verizon. Walnut Street Capital has long term plans to develop the site into a mixed-use property that will include retail, office and a hotel or residential component. CB Richard Ellis Inc. represented Verizon in the acquisition, while Walnut Street was represented in-house. Financing for the deal was arranged by Jeffrey Baker at Savills Granite L. L. C.

 
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