Redevelopment plans for the historic Bourse building in Old City have been revised. As a result, the previously proposed hotel component is being replaced with apartments. Under updated plans, a portion of the 302,000-square-foot property would be converted into 85 residential units. Previously, a 152-room hotel had been planned for that space. Therefore, the project’s… Read more »
Centre Square is under agreement to be acquired by PMC Property Group and Dean Adler. As a result, a major redevelopment of the Center City office complex is being planned. The 1.76 million-square-foot property sits at 1500 Market Street near City Hall. According to ownership, the distressed asset will be purchased for less than $100… Read more »
Philadelphia Legal Assistance (PLA) has signed a new lease in Center City Philadelphia. The nonprofit provides free civil legal services to residents who cannot afford representation. PLA secured 20,643 square feet at the historic Cast Iron Building. The organization will occupy the second and third floors at 718–720 Arch Street. The relocation positions PLA as… Read more »
Saint-Gobain has renewed the lease for its North American headquarters in Malvern, Pennsylvania. The renewal secures the company’s presence at the campus through at least 2042. Saint-Gobain and its subsidiary CertainTeed Corp. fully occupy the 321,226-square-foot campus at 18–20 Moores Road, near Route 202. The lease transaction is valued at more than $100 million, according… Read more »
CBS has renewed its office lease at 1500 Spring Garden Street in Center City Philadelphia. The broadcaster signed a long-term extension for 74,000 square feet. The lease includes 62,000 square feet on the sixth floor and 12,000 square feet in the lower level. The lower-level space supports the company’s vehicle fleet. CBS operates KYW-TV (CBS… Read more »
A fully leased suburban Philadelphia office property is heading to market. The asset is anchored by pharmaceutical giant Cencora. PRP Real Assets, based in Washington, D.C., has listed the 429,120-square-foot building at 1 West First Avenue in Conshohocken, Pennsylvania for sale. The 11-story property was developed as a built-to-suit headquarters for Cencora. The building was… Read more »
Cigna is continuing to shrink its real estate footprint. The latest move involves shedding more than half of its office space in a Center City Philadelphia tower. The Bloomfield, Connecticut-based insurer downsized its space at Two Liberty Place. Cigna now occupies less than 165,250 square feet following a recent lease renewal. The reduction removes nearly… Read more »
Brandywine Realty Trust has secured $87.3 million in C-PACE financing for its life sciences building at 3151 Market Street. As a result, the deal marks the largest C-PACE loan in Pennsylvania history. The 472,000-square-foot property was completed in late 2024. Meanwhile, leasing activity has remained limited. As of October, only retail tenants Fine Wine &… Read more »
The office tower at 1700 Market Street is hitting the market as its foreclosure process approaches resolution. The 850,723-square-foot, 32-story Center City property will be marketed and sold by Cushman & Wakefield, which the court appointed as receiver. San Francisco-based Shorenstein owns the building and owes more than $186.7 million on a CMBS loan tied… Read more »
RSM US LLP has signed a long-term lease to relocate its Philadelphia office to 1735 Market Street. The firm will occupy 22,340 square feet, moving one block from its current location. RSM will relocate from 25,827 square feet at Duane Morris Plaza, located at 30 South 17th Street. The new office will span the entire… Read more »
