Philadelphia, December 4, 2025
The iconic Drake apartment building in Center City, Philadelphia has been sold for $47.3 million. This sale signals significant interest in historic properties in the area. The new owners plan to implement capital improvements to enhance tenant experiences while preserving the building’s historic charm. With a strong occupancy rate of 93%, the Drake stands as a notable landmark recognized locally and nationally for its architectural significance.
Historic Drake Apartment Building Sold for $47.3 Million
Philadelphia, PA – The historic Drake apartment building in Center City has been sold for a notable $47.3 million, marking a significant investment in Philadelphia’s real estate landscape. With the new ownership comes a promise of capital improvements that aim to enhance tenant value while contributing positively to the local community.
Details of the Sale
The iconic 32-story Drake building, originally constructed in 1929 as a hotel, currently houses 289 apartments along with 8,500 square feet of commercial space, which is presently occupied by the InterAct Theatre Company. As highlighted in property records, the building boasts a strong occupancy rate of 93%. The buyers are a consortium of investors, including Lionheart Realty Group, Lineage Squared, Avery Cos., and AMS Equities. The founder of Lionheart Realty Group has expressed optimism regarding the property’s potential, noting a commitment to enhancing the experience for residents and the surrounding community through thoughtful capital investments.
Historical Significance
The Drake building is not just a residence; it is a recognized landmark, listed on both the Philadelphia and National Register of Historic Places. This designation highlights its rich architectural history and cultural significance within the Rittenhouse Square neighborhood, where it has stood as a formidable presence for nearly a century.
Future Plans
The new ownership’s intent for the Drake building revolves around strategic capital enhancements aimed at improving tenant conditions and fostering a vibrant community space. While specific plans remain undisclosed, the overarching goal is to retain the historical charm of the building while uplifting the resident experience—a focus that resonates with current trends in urban development.
Context
The successful sale of the Drake building reflects a robust interest in historic properties within Philadelphia’s Center City, with recent comparable transactions such as the Cadwalader Mansion, which sold for $4.625 million, further illustrating this trend. Additionally, the Centre Square office building, the largest office property in the city, is on the market, presenting opportunities for conversion into residential or retail spaces.
About the Drake Building
Situated in Rittenhouse Square, the Drake building stands as a 32-story marvel initially erected as a hotel in 1929. It is currently home to 289 apartments and commercial space, enjoying a 93% occupancy rate. Its historic status is recognized both locally and nationally, reinforcing its importance in Philadelphia’s architectural narrative.
FAQ
What is the Drake building?
The Drake building is a 32-story structure located in the Rittenhouse Square neighborhood of Philadelphia. Originally built in 1929 as a hotel, it now houses 289 apartments and 8,500 square feet of commercial space. The building is 93% occupied and is listed on both the Philadelphia and National Register of Historic Places.
Who are the new owners of the Drake building?
The new owners include Lionheart Realty Group, Lineage Squared, Avery Cos., and AMS Equities. Lionheart Realty Group’s founder has expressed confidence in the property’s potential, stating a commitment to enhance value for tenants and the broader community through strategic capital investments.
What are the plans for the Drake building?
The new owners intend to make strategic capital investments aimed at enhancing tenant value and contributing positively to the community. Specific details about the planned improvements have not been disclosed, but the focus will be on improving the resident experience and preserving the building’s historic charm.
What is the historical significance of the Drake building?
The Drake building is listed on both the Philadelphia and National Register of Historic Places, underscoring its architectural and cultural importance. Built in 1929 as a hotel, it has been a significant landmark in the Rittenhouse Square neighborhood for nearly a century.
What is the current occupancy rate of the Drake building?
The building is 93% occupied, as per marketing materials from Newmark, the brokerage firm that facilitated the sale.
Key Features of the Drake Building
| Feature | Details |
|---|---|
| Location | Rittenhouse Square, Philadelphia, PA |
| Year Built | 1929 |
| Original Purpose | Hotel |
| Current Use | 289 apartments and 8,500 sq ft of commercial space |
| Occupancy Rate | 93% |
| Historical Designation | Listed on Philadelphia and National Register of Historic Places |
| New Owners | Lionheart Realty Group, Lineage Squared, Avery Cos., and AMS Equities |
| Sale Price | $47.3 million |
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Author: STAFF HERE PHILADELPHIA WRITER
The PHILADELPHIA STAFF WRITER represents the experienced team at HEREPhiladelphia.com, your go-to source for actionable local news and information in Philadelphia, Philadelphia County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Mummers Parade, Philadelphia Flower Show, and Thanksgiving Day Parade. Our coverage extends to key organizations like the Greater Philadelphia Chamber of Commerce and United Way of Greater Philadelphia, plus leading businesses in telecommunications, food services, and healthcare that power the local economy such as Comcast, Aramark, and Children's Hospital of Philadelphia. As part of the broader HERE network, we provide comprehensive, credible insights into Pennsylvania's dynamic landscape.
