After months of negotiations, Alterra Property Group has officially acquired the building and has its sights on transforming its use.
Once finalized, it would mark the largest office-to-residential conversion in Philadelphia since before the pandemic.
“I really can’t think of a better adaptive reuse candidate in Philadelphia from office to residential,” said Leo Addimando, managing partner at Alterra.
Currently, the 18-story building has only one tenant, Morgan Lewis law firm.
However, it was announced that Morgan Lewis will be moved its headquarters further down Center City at 2222 Market Street.
Once the move occurs, the building will be fully vacant, and conversion will begin soon after.
Alterra plans to create 299 apartments, most of which will be one-to-two bedrooms and no studios. It will also refurbish its existing rooftop and add a pool.
“Long term this will be a huge benefit to the city,” said Addimando.
Construction is expected to begin in early 2024 and completed within about a year.
Learn more about Alterra Property Group and its plans to transform the large Center City building at The Philadelphia Inquirer.
Leo Addimando, managing partner and co-founder of Alterra Property Group, speaks about the real estate and development firm.