While many Center City office buildings grapple with financial uncertainty and declining occupancy, 123 S. Broad St. is moving in a different direction. The 30-story, 725,000-square-foot tower is seeing renewed investment from its ownership group and a steady influx of new tenants, with a goal of reaching 90% occupancy by year’s end.

The building’s ownership –  SSH Real Estate, Young Capital, and Quilvest Capital Partners – recently secured a long-term extension on their $80 million loan from New York-based PCCP LLC, originally issued in 2021 to refinance the property. While terms were not disclosed, SSH described the extension as part of a broader strategy to preserve and enhance the building’s role as a dedicated office property, a notable commitment in a market increasingly shifting toward residential conversion.

Significant capital improvements have helped attract and retain tenants. Recent upgrades include a rooftop deck, tenant lounges, a conference center, a ballroom, a fitness center, and bike storage. SSH, which maintains its headquarters in the building, also hired Kimberly Unger as Manager of Tenant Experience, introducing hospitality-style programming such as trivia nights, blood drives, and ice cream socials.

*Article courtesy of Philadelphia Business Journal

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