1616 Walnut vacating tenants

Friday, March 9, 2012

About 100 tenants at 1616 Walnut St. have been put on notice that they need to vacate the property and find new space.

A partnership that bought the 25-story, 279,770-square-foot Center City office building last month for $28.3 million is seeking to convert it into residential use to seize on a hot multifamily market and have started to negotiate with current tenants in the building. The new ownership consists of Federal Capital Partners of Chevy Chase, Md., as well as Cross Properties and 806 Capital, both of Philadelphia.