Pearl Properties Reportedly Buys Lululemon Building on Walnut Street
It looks as though Pearl Properties will continue to up its holdings within the heart and soul of Center City. This time, the real estate company has reportedly purchased the building at 1527 Walnut Street. You might know it as the former Lululemon storefront where, in February, loose bricks from an adjacent building at 1529 Walnut Street, a property owned by Pearl, crashed through the roof, injuring three shoppers and resulting in the closure of the store.
Lululemon has since moved to a temporary storefront down the street at 1422 Walnut Street, and Natalie Kostelni of the Philadelphia Business Journal reports that the issues at 1527 Walnut hasn’t deterred Pearl Properties from shelling out $10.5 million for the 3,415-square-foot store. Why? Insiders anticipate the developer will eventually take advantage of the prime location–and its air rights–to build up at the site of the low-slung, one-story building.
Pearl Propeties owns the building at 1529 Walnut Street under the name 1529 Walnut Street Associates, so that would allow for them to build something substantial on the former Lululemon site, if that is indeed the plan.
Kostelni also reports that the building at 1513 Walnut Street is also about to trade hands for $14 million. Brooks Brothers is located in the building. The buyer is unknown, “but it’s likely someone, who already has a presence along Walnut Street, wants to add to it and is willing to pay top dollar.”
- Walnut Street corridor seeing property sales [Philadelphia Business Journal]