Philadelphia Business Journal’s Natalie Kostelni reports that Los Angeles real estate company Blatteis & Schnur has purchased a small building on Walnut Street just blocks from Rittenhouse Square for $6.2 million. The 8,500 square foot building is home to the restaurant Tiramisu, which was run by the building’s former owner, Albert Shah, and plans to move out within the next few months.
Kostelni reports that Blatteis & Schnur are, unsurprisingly, looking for a high-end retailer to fill the space, which sits between Govberg Jewelers and Barbour. High-end retailers have become increasingly interested in this posh stretch of Walnut, which according to the Center City District saw rents rise a whopping 33.8% last year.
Nearby, the Barney’s Co-Op may become a Barney’s New York, Nordstrom Rack is reportedly opening this fall, and demolition work has begun to make way for a glassy new Cheesecake Factory/Uniqlo building.
Photo: Google Street View