Brickstone pays $5 million for ornate Hale building

The Hale Building, designed as the Keystone National Bank by Willis G. Hale in 1887, is at Chestnut and Juniper Streets. Brickstone Realty plans to renovate the eccentric space into boutique offices. (INGA SAFFRON/Staff)

Brickstone Cos. has paid $5 million for the Hale Building at 1326 Chestnut St., according to Washington Square Realty Capital, which arranged financing for the acquisition.

Brickstone closed on the ornate seven-story building on Sept. 30 using a bridge loan from Firstrust bank, Washington Square senior director Anthony Franchi said in an email.

The developer has said it plans to renovate the 128-year-old building, designed by the same architect as the Divine Lorraine on North Broad Street, and revamp its upper floors into "creative" office space.

215-854-2615 @jacobadelman