Most Center City Wendy’s patrons probably don’t know that the home of the Baconator has a name, and it is Chestnut Place. The 140,000-square-foot office building at the corner of 15th and Chestnut, anchored on the first floor by Wendy’s, was sold recently for $17.5 million. The seller was a limited partnership led by Peter Soens and Jeffrey Seligsohn, principals of SSH Real Estate, which acquired the building in 2005 for $11.38 million. SSH owns Girard Square, among other assets.
Alterra Property Group bought the building. Alterra also bought the Robert Morris Building, now The Arch, from SSH in 2007.
So what will happen to Wendy’s? We asked but were unable to get an answer as of press time. (Safe to say few tears will be shed if that location closes.) Given SSH’s prior collaboration with Alterra, it seems likely that the building will go residential. The press release is rather direct:
During the past several years, SSH Real Estate has positioned selected office leases to have the flexibility to allow for residential conversion, including recently teaming with [Alterra's] Leo Addimando in the successful conversion of 1201 Chestnut Street to 100 units. The Chestnut Place building is well suited for apartments, based on a floor layout with large windows and excellent natural light.
Get ready, kids, for yet more rentals in Center City.