A celebrated piece of Philadelphia real estate history at 1619 Walnut Street recently sold to Switzerland‑based MZP AG for approximately $5.23 million, marking an approximately 70 percent drop from the $19.2 million price tag when Nuveen Real Estate acquired the building in 2013. The building’s past includes tenure as KYW radio and television headquarters and later as the site of the iconic French restaurant Brasserie Perrier. With most of the upper office space vacant and strong retail tenancy on the ground floor, the property is now being viewed as an attractive residential conversion opportunity.
Key Points:
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The Center City mixed‑use property at 1619 Walnut Street sold to a Swiss investment firm for about $5.23 million, significantly less than its prior sale price.
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Historically, the building served as a base for KYW radio and television and later housed Brasserie Perrier, a renowned local French restaurant.
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New Balance currently occupies nearly 4,000 square feet of retail space on the ground floor, while upper office floors sit largely empty.
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The property’s CMX‑5 zoning makes residential conversion relatively straightforward, and JLL marketed the site with that potential in mind.
This sale highlights renewed investor interest in Center City commercial real estate and the growing trend of repurposing office buildings into residential spaces in Philadelphia’s core.
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Attribution: By: Paul Schwedelson | Philadelphia Business Journal | January 22 2026
Photo Credit: Photo: Courtesy of JLL Investor Center
