Chestnut Street 2213, Philadelphia, PA, 19103, US

2221 Chestnut Street

Attributes

Floors

Building area net

52,676 sf

Year built

1972

Year renovated

2023

Land area gross

16,083 sf

Parking spaces

Zoning

CMX-4

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”), has been retained on an exclusive basis to arrange the sale of 2221 Chestnut (the “Property”), a 52,676 square foot, 5-story, office building that includes +/- 5,600 SF of Basement space, located at the confluence of Philadelphia’s most desirable submarkets: Market Street West and University City.

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Investment highlights

Generational Redevelopment Opportunity

The site is zoned CMX-4, allowing by-right development of up to 80,415 SF or 144,747 SF with the additional bonuses. The Property’s CMX-4 zoning permits the redevelopment of multi-family and life sciences, as well as other mixed-use spaces.

Unmatched Location

2221 Chestnut is located at the confluence of two of the most exciting growth areas of Philadelphia making the Property an attractive option for tenants desiring creative office space or uses aligned with University City’s burgeoning life science and medical community.

Favorable Tax Abatement

The development will benefit from a ten-year real estate tax abatement from the City of Philadelphia, which is available to new development as well as any substantial renovation of an existing property.

Convenient Below-Grade Parking Garage

With a below-grade parking garage equipped with 20 covered spaces, 2221 Chestnut provides an invaluable amenity in an area where parking is notoriously scarce and costly.