PHILADELPHIA — Allan Domb has expanded his Rittenhouse Square holdings and picked up 1801 Walnut St., the building that houses Anthropologie.
The acquisition adds to a growing portfolio of properties that the self-described condo king now owns in that part of Center City.
In addition to having a stake in 1845 Walnut St., which is an office building, Domb within the last couple of years bought the Alison building at 1805 Walnut St. where Barnes & Noble is the anchor retail tenant as well as the space at 10 Rittenhouse Square where Serafina and Barney’s are located. He also owns the Wellington, 250 S. 18 th St., 233 S. 20 th St., and 120 S. 16 th St.
The 23,598-square-foot property at 1801 Walnut was sold by ARC Properties. Domb declined to disclose the sale price, citing a confidentiality agreement. However, when it was first put up for sale nearly a year ago, some estimated it could trade as high as $40 million.
Jones Lang LaSalle and Ken Mallin of MPN Realty arranged the sale.
Anthropologie’s lease was scheduled to come due in May 2016. However, the retailer, which is owned by Urban Outfitters, signed a new deal to stay in the space for another 15 years, Domb said.
Domb is bullish on this part of Center City, though it has room to improve with additional streetscaping, better retailers and better restaurants, he said.
“I view this as beach front,” Domb said. “I’m interested in taking existing properties, upgrading them and bringing them back to life.”
Domb cited buying the Barclay in 1999 when “Walnut Street was dead” and watching the area slowly get better.
The property at 1801 Walnut was originally constructed as a residence in 1898 and designed in a Beaux-Arts style by Peabody and Stearns, a Boston architectural firm.
Natalie Kostelni, Reporter
Philadelphia Business Journal