A New York real estate firm has purchased the five-building Lindenwood Corporate Center in Malvern for $23.1 million, according to property records – a 42% drop from its last sale in 2021. The 280,025-square-foot campus on Lindenwood Drive was acquired by an entity tied to Time Equities Inc. from Utah-based Bridge Investment Group. The deal… Read more »
Over 1,100 apartments are being developed in Center City through office-to-residential conversions. These projects address two of Philadelphia’s most urgent challenges: a high office vacancy rate and a constrained housing supply. By repurposing underutilized office space, these conversions are helping to stabilize the vacancy rate below 20% while adding much-needed housing inventory. The trend reflects… Read more »
The half-vacant One South Broad office tower in Center City is up for sale as its owner, Aion Partners, nears the end of an extended mortgage forbearance. The 25-story, 463,988-square-foot property—home to Insomnia Cookies’ headquarters—is being marketed by Newmark as a lease-up or residential conversion opportunity. Aion secured a two-year CMBS loan extension in 2023… Read more »
The 29-story, 668,335-square-foot office tower at 2000 Market St. is officially for sale — a move that could serve as a bellwether for post-pandemic office valuations in Philadelphia’s central business district. New York-based owner Nahla Capital has listed the property, which is currently 68% leased. According to CBRE listing agent Jerry Kranzel, early interest suggests… Read more »
The owner of 401 Market St. is seeking a discounted payoff on its $52 million debt after Wells Fargo’s exit left the building 28% occupied and pushed the loan into special servicing. With the loan maturing in October, Miller Investment Management hopes to negotiate a deal, highlighting the declining value of Philadelphia’s older office buildings…. Read more »
Philadelphia stands out as the most stable office market among the 15 largest U.S. markets heading into spring, with a year of occupancy gains bringing its office availability rate to 14.1%, the lowest in the nation, just ahead of Minneapolis at 14.2%. While most major markets struggle with rising vacancies, Philadelphia is one of only… Read more »
An entity affiliated with Eclipse Development, a new Philadelphia firm, has purchased a Center City office building from the American Red Cross for $7.2 million. The five-story, 52,676-square-foot property is located at 23rd and Chestnut Streets. Eclipse plans to explore options, including leasing office space short-term for up to two years before converting the building… Read more »
Duane Morris has renewed its long-term lease at Duane Morris Plaza, downsizing by 45,000 SF as part of a broader trend of law firms reducing office space. The Philadelphia-based firm will shrink its footprint at the Center City tower from 241,022 SF to 195,757 SF, a 19% reduction, consolidating from seven and a half floors… Read more »
Elon Musk’s Department of Government Efficiency (DOGE) is scaling back the federal real estate footprint, putting office space in Greater Philadelphia on the chopping block. According to a list posted on the DOGE website Monday, nearly 20 government leases in the region have been canceled, totaling approximately 183,000 square feet and over $4.93 million in… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 1700 Market Street, Philadelphia, Pennsylvania 19103. The Philadelphia property is available for sublease. The property contains +/- 6,044 square feet, which could be utilized by retail and office users. Features of 1700… Read more »
