123 S. Broad is finding a niche in Philadelphia’s uncertain office market

In late June, Peter Soens found himself celebrating the latest lease-signing for his office building, the Beaux-Arts style 123 S. Broad St., as a summer storm laced across the sky just outside the 29th-story windows.

Heavy rain and wind kept them off the building’s roof deck, which offers gorgeous views of Center City and South Philadelphia, but they didn’t let the weather dull the mood. At the beginning of the pandemic, 123 S. Broad — a 30-story building with 750,000 square feet of office space — seemed to be in trouble.In late 2018, one of the two biggest tenants, the law firm Montgomery McCracken Walker & Rhoads LLP, moved out of 120,000 square feet of office space at the top of the building. Then in early 2020 the other major tenant, Wells Fargo, announced that it would be giving up its 200,000 square feet of space — leaving roughly 40% of the building vacant.

Most important, SSH bought the building during the last major downturn in 2008. As a result, it hasn’t been encumbered with the debt load and high interest rates of buildings that changed hands or were built in the years immediately leading up to the pandemic.

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