A nearly $4.3 million condominium on the 35th floor of the Laurel luxury residential tower is available for rent at $22,500 per month. It is the first time a condo in the Rittenhouse Square building’s Sky Residences is being marketed as a rental opportunity.
At 48 stories, the Laurel is the tallest residential tower in Philadelphia. Located at 1909-1911 Walnut St., it began welcoming tenants last year for apartments on floors 3-25 and condominiums on floors 26-48. At about 2,500 square feet, Unit 3501 spans one-quarter of a floor, has three bedrooms, three and a half bathrooms, and a balcony with views of Rittenhouse Square and the Center City skyline.
“On the 35th floor you’re really popping up over the other buildings that are there, and it’s a corner unit facing Rittenhouse Square,” said Kristen Foote, an agent with Compass Real Estate who is marketing the property, noting that “you’re getting the view.”
The condo is being offered on a one- to two-year basis, with a 12-month lease on the unit running a renter $270,000.
Foote said the owner bought the unit pre-construction but is not yet ready to move in and decided to rent it rather than leave it empty. Foote declined to identify the condo owner and no records of ownership for the unit have been entered into the city’s database yet.
The unit has been fit out and is move-in ready. Some of its features include European cabinets in the kitchen, which also has top-end appliances from Sub-Zero and Wolf, plus an oversized quartz-topped island. The primary suite bathroom has marble floors and a soaking tub. The unit also includes two on-site parking spaces.
Foote said renting this condo can act as a trial run of sorts for someone contemplating buying in the Laurel but who isn’t ready to commit to a $4 million price tag. It could also be an opportunity for someone that is ready to buy but needs to fit out their own unit and would require a temporary space in the interim.
Renting the unit would give someone access to a slate of the Sky Residence’s amenities, as well, such as indoor and outdoor pools, a club room, a fitness center, a large terrace overlooking Rittenhouse Square, and car service.
“You’re really getting to live the residence lifestyle,” Foote said.
The monthly rent for Unit 3501 is considerably higher than that paid by Laurel tenants on the apartment side, but the condo is by far the largest rentable space in the building and the only rentable unit with three bedrooms. The 184 apartments in the building are studios, and one- and two-bedroom units ranging from 550 square feet to 1,375 square feet. They go for anywhere from $2,200 per month to $12,500 per month.
Foote is working closely with Southern Land Co.’s Brian Emmons and Eva Walker, who handle leasing of the Laurel apartments and sales of the condos. She said there is a market for people looking to rent larger, three-bedroom units on the tower’s condo levels and has received a string of inquiries, including from a handful of professional athletes, thus far.
“It’s a really rare opportunity to be able to rent in the main residence,” Foote said.
