SREA was engaged to represent the entrepreneurial owner of 2401 Walnut Street (2401). 2401 is well located, along the Schuylkill River between University City and the Central Business District. The building was commodity class “B” space and had challenges securing tenants. SREA was retained to increase the presence and awareness of the building within the marketplace and lease the asset.
- Informed landlord of market conditions on a consistent basis
- Kept landlord up-to-date regarding transactions within the market
- Provided recommendations on necessary renovations to building and common corridors
- Identified tenants within various market sectors to target and secure
- Promoted building successes through aggressive marketing initiatives
How SREA Added Value
2401 exudes a West Coast friendly vibe with its “green” initiatives and open and collaborative design. SREA marketed the “green” building by highlighting its new building systems, architectural features, amenities and location as the “Gateway” to University City.
SREA was successful in targeting and securing twelve (12) tenants representing over 100,000 square feet of positive absorption. SREA’s team was successful in repositioning the asset as a top-tier option for technology companies and office space users looking for unique space within the marketplace. The Wharton School of The University of Pennsylvania, City CoHo/Philly Nexus, Voith & Mactavish Architects, LLP, Curalate and TicketLeap are just a few of the well-known companies that now occupy space at 2401. The rise of technology companies in Philadelphia and strategic leasing efforts led to 2401’s occupancy to exceed that of its sub-market competitors.