Tuesday, January 27, 2015

Former Union Trust is on the market

The glitzy, shuttered steak house is on the market.

Former Union Trust is on the market

Union Trust opened in 2009 at 717 Chestnut St. during a hot period for swish, new steak houses.

Partners including Joseph Grasso had said they invested $12 million in the gorgeous reappointment of the longtime Jack Kellmer jewelry store a block from Independence Hall.

DAS Architects took advantage of Its soaring, vaulted ceilings and built an expansive balcony.

But forces conspired against Union Trust - including a downturn in the economy and the location itself, an unpopular side of town for high-end dining.

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Union Trust went into bankruptcy two years after it opened, and it closed around Thanksgiving 2012.

With the bankruptcy completed and the building sold, it is being marketed to prospective tenants.

The brochure from Jacob Cooper of Michael Salove Co. describes it as a turn-key restaurant - a fully built-out space with all furniture, fixtures and kitchen equipment with three dedicated rooms for private dining and special events and elevator access to all floors.

Cooper would not disclose the asking price for the rent. Based on a ballpark of $25 a square foot for 14,000 feet, the tab probably would be about $30,000 a month.

Any ideas? Add them to the comments.

Michael Klein Philly.com
About this blog
Michael Klein, the editor/producer of philly.com/Food, writes about the local restaurant scene in his Inquirer column "Table Talk." Have a question? Email it! See his Inquirer work here. Reach Michael at mklein@philly.com.

Michael Klein Philly.com
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