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The Philly Way, a cheese steak restaurant open since 2000 in Walker's Point, closed today, owner Dave London said.

He cited an increase in rent coinciding with the upcoming the sale of the building that houses the Philly Way, 405 S. 2nd St.

The building also houses Caroline's Jazz Club, 401 S. 2nd St., and Soup Bros., around the corner at 209 W. Florida St.

Paul Spencer, who is buying the building, said he was in talks with people who want to renovate the Philly Way space for a restaurant.

London said he is looking for another location. "I'd like to stay down here," he said of Walker's Point, but the available sites so far were too expensive.

London previously opened other locations of the Philly Way, one on Brady St. and another in Cudahy. Both of those locations closed.

"Whether it's another cheese steak place or something else, I'll be back," London said.