Art College Pays $11 Million for Historic Rittenhouse Square Property

Developer Method Company sold 1831 Chestnut, a landmark Philadelphia property, to the Moore College of Art and Design. The former 29-unit boutique ROOST Rittenhouse Hotel traded hands for $11.5 million; the new owner will convert the building for student housing use. The acquisition included ground-floor retail space, which houses a jewelry store.

“The seller purchased the property in 2013 when it was an office building and renovated it for hospitality use,” Alan Krawitz, GREA Associate Director, told ApartmentBuildings.com. Kravitz, who brokered the sale, added that the process took six months from initial marketing to final closing and attracted six offers from local and regional investors.

“Our network in Philadelphia meant we found an institutional investor to purchase the property for its use,” Krawitz commented. “Without the market knowledge our team possesses and our brand presence, this buyer could have gone unnoticed, which would have had a meaningful impact on pricing.”

Built in 1896, 1831 Chestnut is situated on .09 acres and overlooks Rittenhouse Square. The property is within walking distance of award-winning restaurants, high-end shopping and fitness options. The 11-story building also offers walking access to local transportation, including the Southeastern Pennsylvania Transportation Authority (SEPTA Metro) subways and commuter rail lines.