A year after purchasing 1735 Market St. in Center City, Silverstein Properties has landed international law firm Akin Gump Strauss as a tenant and expanded one of its long-term tenants in the office building to push the occupancy well north of 90%.
Now at Two Commerce Square, Akin Gump signed a 16-year lease on 30,000 square feet at 1735 Market. Robert Half International renewed and grew to a total of 17,401 square feet from 14,577 square feet on the 25th floor of the building. The human resources consulting firm has been a tenant in 1735 Market since 2001.
“That was our first major lease since acquiring the building,” said Jeremy Moss, executive vice president at Silverstein about Aikin Gump. “We were very excited about that. We were delighted it was a tenant of this size and a tenant of this stature.”
The lease also underscored Silverstein’s thesis of the Philadelphia market and why the New York real estate company decided to enter it with the acquisition of 1735 Market. Silverstein had looked at another office building in Center City but a deal never materialized. It used that experience as a way to learn about the market and it eventually led to the $451 million purchase of the 51-story, 1.3-million-square-foot office tower that it bought in partnership with Arden Group and Migdal Insurance.
“We think Philadelphia is entering a really strong phase for a lot of different reasons,” Moss said.
*Article courtesy of Philly Biz Journal
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