FS Investments is relocating from the Philadelphia Navy Yard to Brandywine Realty Trust’s new $300 million mixed-use tower at 3025 John F. Kennedy Boulevard in Schuylkill Yards. The 16-year lease will expand FS’s space by 46%, from 80,000 to 117,000 square feet, across four floors in the 28-story tower. FS plans to move nearly 300… Read more »
A Bucks County medical office park near Oxford Valley Mall and Sesame Place has sold for more than double its 2015 price. Aventura, Florida-based ESJ Capital Partners purchased the 152,310-square-foot, nine-building Oxford Court portfolio in Langhorne for $16 million. The seller, SkyREM of Philadelphia and New York, originally acquired the property for $7.82 million in… Read more »
The 27-story Ten Penn Center office tower in Center City is hitting the market. Owners Sterling Equities and Greenville Partners are listing the 668,000-square-foot building at 1801 Market St. The property, built in 1981 and purchased for $75 million in 2006, was most recently assessed at $122.8 million. It is currently 60% occupied, per CoStar…. Read more »
After two years of foreclosure proceedings with little clarity on Centre Square’s future, the property’s receiver now says a sale is “very likely.” Owners Nightingale Properties and InterVest Capital Partners, formerly Wafra Capital Partners, owe over $375 million on the overdue CMBS loan backing the 1.76 million-square-foot office complex, court records show. Wells Fargo Bank… Read more »
A West Coast firm expanding in Philadelphia has acquired a Navy Yard data center for $16.3 million. Landmark Dividend, an El Segundo, California-based investment firm, purchased the 28,083-square-foot property at 4775 League Island Blvd. from Prologis, which acquired it through its 2020 purchase of Liberty Property Trust. The building is fully leased to TierPoint, a… Read more »
After five years of declining demand, Philadelphia’s office market is showing early signs of stabilization as 2025 begins. While not yet in recovery, recent data indicates a positive shift. For the first time since 2018, annual net absorption—measuring move-ins versus move-outs—has turned positive, with office occupancy rising by 615,000 square feet across the Philadelphia metro… Read more »
American Real Estate Partners (AREP) has secured a four-year extension on its $162.5 million loan for 1600 Market St., safeguarding the property’s financial stability amid office market challenges. The loan, now extended to 2028, involved senior lenders Natixis Corporate and Investment Banking, BlackRock, and mezzanine lender JPMorgan Chase. The 39-story, 825,968-square-foot tower, 70% occupied, was… Read more »
New York developer TF Cornerstone is expected to convert the office portion of the historic Wanamaker Building into residential units after completing foreclosure proceedings, according to a source familiar with the plans. Foreclosure on the 1.4 million-square-foot Center City property is set to progress early next year. TF Cornerstone, which acquired the majority of the… Read more »
Office vacancy rates have hit a 45-year high, with predictions that one-quarter of U.S. office space could sit empty by early 2026. Currently, 11 major metros face over $1 billion in empty office space. Philadelphia, while just below this threshold, saw 27.6 million square feet of vacant office space mid-year, translating to an estimated $801… Read more »
Plans to build over 400 apartments near City Avenue in Bala Cynwyd are advancing on the grounds of a recently cleared former office building. Houston-based developer Hanover Co. acquired the 8.5-acre property at 111 Presidential Blvd. for $21.3 million from Amerimar Realty Co., as confirmed by Montgomery County property records. The Bala Pointe Office Center,… Read more »
