Pearl Properties has acquired two Walnut Street buildings for a total of $10.75 million, writes Paul Schwedelson for the Philadelphia Business Journal.
The acquisition strengthens the prominent Philadelphia developer’s position in Rittenhouse Square.
Pearl purchased the two-story building at 1636 Walnut Street, home to a Chase Bank branch, from Toronto-based Castlepoint Numa for $6.4 million. It also acquired the three-story building at 1707 Walnut Street, housing luxury cosmetics store Bluemercury, from Adam and Joshua Sailor for $4.35 million.
According to Pearl Properties President Jim Pearlstein, the firm is planning on keeping both buildings for retail use.
“Pearl continues to be bullish on Center City and its vibrant neighborhoods, specifically the Rittenhouse Square submarket where we own and manage a wide-ranging portfolio of mixed-use assets,” said Pearlstein.
He added that Pearl is in active discussions regarding several other properties in the same area.
While the firm has been strengthening its retail presence in the neighborhood, it is selling several smaller apartment buildings nearby, including a 53-unit property at 1600 Chestnut Street, which is listed for $25 million.
Read more about Pearl Properties’ new acquisition and its future plans in the Philadelphia Business Journal.
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Editor’s Note: This post was originally published on PHILADELPHIA.Today in July 2025.
