SSH Real Estate, Young Capital & Quilvest Private Equity purchase 123 South Broad St.
Philadelphia, PA — SSH Real Estate and Young Capital, in partnership with the real estate arm of Quilvest Private Equity announced a $100 million recapitalization of the 880,000 s/f 123 South Broad St. and Witherspoon Building complex. Located in the heart of Philadelphia’s Central Business District, the property consists of the entire block on Broad St. from Walnut to Sansom Sts. The HFF team of Gerard Sansosti, Tom Hall, Jim Cadranell and Ryan Ade worked on behalf of the partnership to secure financing through Guggenheim, which includes significant capital to complete the anticipated leasing and capital improvements planned for the building. SSH Real Estate and Young Capital purchased floors six through 30 of 123 South Broad St. in March 2008. The partnership immediately embarked on a capital and leasing program, updating the building’s mechanicals to reduce operating costs and undertaking repairs to the façade and interiors to achieve class A standards.