One of the Philadelphia region’s most prominent local commercial real estate players has been acquired by a national heavyweight.
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Transwestern Real Estate Services purchased SSH Real Estate, a Philadelphia-based brokerage with 47 employees and a 5M SF property management portfolio.
The acquisition marks Transwestern's entry into the Philly market. SSH Real Estate's office at 123 S. Broad St. in Center City has now become the Philly branch of the Houston-based national brokerage. The acquisition didn't include SSH Facilities, which will continue to operate independently.
“A trusted fixture in the Philadelphia real estate community, SSH shares our client-first philosophy and commitment to delivering throughline excellence across every project and relationship,” Transwestern Mid-Atlantic Market Leader Keith Foery said in a Tuesday press release announcing the deal.
Transwestern's Mid-Atlantic team now includes more than 300 members across D.C., Maryland, Virginia and Pennsylvania. It oversees more than 28M SF of industrial, office, healthcare and retail space in the region.
SSH was founded in 1952 and expanded from a boutique brokerage into a property management and investment services firm. The company has represented tenants including law firm Pond Lehocky, logistics firm Priority Express and the Children's Crisis Treatment Center.
Its property management portfolio features several prominent Center City buildings, including 1845 Walnut St. overlooking Rittenhouse Square, 401 Market St. near Independence Hall and Transwestern’s Broad Street office.
“Transwestern is accelerating strategic growth through market expansion, top-tier talent and holistic client solutions,” Transwestern Services President Greg Munson said.
The firm acquired three companies in early 2023: Chicago’s MB Real Estate and two Washington, D.C., firms, MGA Inc. and West, Lane & Schlager. At the time, Transwestern President Tom Lawyer said it was capitalizing on what he described as a distressed market.
"When times get a little tough, it does create opportunities," he told Bisnow.
"We feel like some of these times create better opportunities for us because the smaller firms are challenged with everything that all the larger firms are challenged with, without the capital."
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