Scientologists Plan Redo on Chestnut Street

PHILADELPHIA-The Church of Scientology of Pennsylvania has acquired the 15-story Cunningham Building and adjacent one-story former toy store spanning 1312-1316 Chestnut St. for slightly less than $8 million, or nearly $127 per sf. It plans a major redevelopment of the two currently vacant buildings before relocating from its existing headquarters at 1315 Race St.

The seller is New York City-based Goldman Properties. According to public records, Goldman acquired the 61,000-sf Cunningham Building in August 2001 for just shy of $2.5 million and the adjacent 2,000-sf retail store in August 2005 for $900,000.

Jonathan Stavin, first VP in the local office of CB Richard Ellis, represented both Goldman and the Church of Scientology in the transaction. He tells GlobeSt.com that Goldman had gutted the buildings in preparation for converting them into residential condos. “As the condo market softened,” he says, “the owner felt this sale would be good for this portion of Chestnut Street where it owns considerable retail real estate.”