Take a Tour of Philly’s 123 South Broad Street Building (BOMA 2024)
In addition to the myriad educational sessions, networking opportunities and a trade show floor abuzz with the latest innovations, the 2024 BOMA International Conference and Expo also offered attendees the opportunity to tour some of the city’s most successful buildings in person to find out what’s attracting tenants—and keeping them there. BUILDINGS went along for the ride on Day 2 of the show for a firsthand look at 123 South Broad Street.
The tour was led by the team at SSH Real Estate (SSH), which acquired the 30-story building in a two-part transaction in 2008 and 2018 that consisted of an 885,000-square-foot, two building complex, including 123 South Broad and The Witherspoon Building. While Witherspoon was converted to 186 multifamily units and delivered in the summer of 2021, 123 South Broad remains an office building.
Since SSH moved its headquarters to South Broad, it continues to add value by upgrading this historic property and increasing rents. It is currently enjoying an occupancy rate of approximately 80% with 92 tenants across a variety of industries from non-profits to advertising and architecture firms.
“Our team at SSH Real Estate is incredibly proud of the repositioning of 123 S. Broad Street,” said Gregory Muller, Esq., parter at SSH. “It is the preeminent historic office building in Center City Philadelphia that blends character and charm with exceptional, modern amenities to fit the needs of office users both large and small. Our $10 million capital improvement program that led to the new amenities and building energy efficiency improvements have helped the property outperform the leasing market by signing over 50 new leases since 2020 representing over 175,000 square feet of space,” he added.
In addition to its robust amenities (more below), the careful renovation included significant energy efficiency improvements, including:
- High efficiency LED lighting and controls
- HVAC upgrades including controls
- Refurbishment and repairs
- Water fixture upgrades
According to Pennsylvania Commercial Property Assessed Clean Energy, the environmental impact of 123 S. Broad is a reduction of the building’s lifetime carbon footprint by 33,435 metric tons of CO2 equivalent over 22 years.
A Look Back at 123 S. Broad
In 1925, architects Edward P. and Grant M. Simon were commissioned to design what would become the tallest skyscraper in Philadelphia at the time and the ninth largest office building globally. Completed in 1929, this 405-foot architectural icon, with its formal and monumental design, boasts a stunning limestone and granite façade. From the fifth floor upward, the building recesses into a distinctive H-shape, maximizing daylight through large, bronze windows and allowing for optimal airflow throughout the structure.
Fun pop culture fact: 123 South Broad Street’s façade served as the headquarters of Duke and Duke in the 1983 film Trading Places, starring Dan Aykroyd and Eddie Murphy. Several scenes were also filmed within the building’s opulent interior, and whimsical wallpaper featured in a common area adjoining the multiuse event space references the movie with a wink and a nod.
The interiors are strikingly beautiful, featuring a rich mix of materials in bronze, marble, glass and limestone—not the least of which is a 2½-story banking hall adorned with cream-colored terrazzo marble. The hall’s centerpiece is a massive, five-tier chandelier, weighing 1.25 tons and measuring 11 feet high by 11 feet wide, adding a touch of grandeur to this historic building.
Historic Architecture Meets Modern Amenities
The building boasts 150,000 square feet of newly available space that can accommodate tenants ranging from individual suites to full floors, offering complete customization to meet the needs of any office. As the BOMA tour wound through the building, what was impossible to miss was how seamlessly it blends the historic details of the structure with the best of modern amenities.
Tenant lounges. Interspersed throughout the building comfortable tenant lounges and common areas that are elegantly decorated and offer occupants spaces to relax or get some work done in a quiet space.
Fitness center. The well-equipped fitness center was completed in 2022 and includes lockers, showers and access to a ground-floor bike room with a dedicated street-level entrance. Due to the window well as part of the building’s design that doesn’t allow for light penetration, the windows in the fitness center are artificially lit to mimic daylight.
Multipurpose event space. The fifth floor features a multipurpose event space that preserves the room’s original design. Tenants and third parties can rent the area for parties, cocktail hours, etc.
Conference center. 123 South Broad features three, tech-ready conferences rooms of various sizes featuring Zoom capabilities, easily booked through an app.
Rooftop deck. Arguably the most attractive amenity in the building is the rooftop deck, which is the highest non-residential deck in the city that offers stunning views of downtown Philadelphia and the surrounding area. The deck is open to all tenants as a common area, unless booked for a private event, and also features an adjacent lounge and entertaining area indoors with spectacular views.
123 South Broad Street is a past local TOBY winner in the Historical category. Most recently, BOMA Philadelphia awarded the TOBY Best of the Best Amenity award to the building in 2022. After touring this property firsthand, it’s not difficult to understand why.
