1701 Market Street in Center City is now the former headquarters of Morgan Lewis & Bockius law firm, and since the move, Alterra Property Group has been unrelenting in its pursuit to convert the office building into a residential property.
According to Alterra Property Group’s vice president of acquisitions Connor Burke, the 18-story, 305,170-square-foot building “checks about every box,” writes Paul Schwedelson for the Philadelphia Business Journal.
Its 85-foot wide by 250-foot long dimensions lend itself to a feasible residential layout with 23 apartment units lining the perimeter of each floor.
The building’s columns being 23 feet apart set up neatly for apartments.
The location between Rittenhouse Square and Logan Square makes it a prime one, and offers direct access to Suburban Station.
In addition, this and most of Center City buildings are in a CMX-zone, which is the city’s most lenient zone.
“Almost every building [in Philadelphia’s central business district] could be apartments or hotel by right,” said Leo Addimando, Alterra Managing Partner. “That’s something that really works in our favor.”
Read more about why Alterra Property Group is so set on turning the former Center City office space into a residential building at the Philadelphia Business Journal.
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