The Jacob Reed Building 44,000 SF Historic Office and Retail Philadelphia, PA

A private client was considering purchasing the five-story Jacob Reed Building, which had a short-termination lease on its primary tenant. The client needed to understand the value of the property and its opportunities and risks, depending on whether the tenant’s lease was extended or terminated. The client turned to AthenianRazak to quantify these values and risks. We inspected the property and reviewed the leases, analyzed the building’s systems and operations, and identified the required repairs. At the same time, we uncovered and quantified significant opportunities to lower energy costs and taxes, and to increase income under the current leases. After determining market rents, we analyzed returns for the property under several different leasing and operating scenarios, and proposed immediate improvement projects to increase net income.

Based on AthenianRazak’s expertise and analysis, the client made a successful bid and purchased the property.