The 186-unit Witherspoon Building has transitioned from short-term rentals into a more traditional leasing model following the sudden collapse of Sonder Holdings, writes Emma Dooling for the Philadelphia Business Journal.
SSH Real Estate, which owns the Center City building in partnership with Young Capital, is now repositioning the property as a traditional rental asset. According to Andrew Walheim, vice president of investments at SSH, the building will include studio, one- and two-bedroom apartments.
“We are optimistic about the future of the building as a residential property and the positive momentum in Philadelphia as a vibrant, lively, and mixed-use city,” said Walheim.
In November, Sonder said that it would wind down operations and file for Chapter 7 bankruptcy. The announcement came one day after Marriott International ended its licensing agreement with Sonder, citing default. The companies had entered the licensing deal in August 2024.
Acquired by SSH and Young in 2018 along with an adjacent office building, the Witherspoon Building was later converted from office space into 186 residential units. The historically designated property was leased to Sonder, which operated and managed the units as short-term rentals.
The Witherspoon Building is one of several short-term rental properties in Philadelphia that ended up being closed due to Sonder’s shutdown.
Read more about the future of the Witherspoon Building in the Philadelphia Business Journal.
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