The asking office rents in Philadelphia have remained resilient and even increased in recent years. However, effective rents, which account for inflation and concessions, paint a more complex picture. As a result, asking rents are no longer as reliable an indicator of occupancy costs and office market performance as they once were. From 2010 to… Read more »
Posts By: WCRE
New Details on Conversion Plans for the Bourse and 400 Market St.
Two months after acquiring the Bourse building and 400 Market St., developers Lubert-Adler Real Estate Funds and Keystone Development and Investment are moving forward with conversion plans. Initially undecided between apartments or a hotel for the 173,700-square-foot building at 400 Market St., a zoning permit issued on August 29 now allows for 176 residential units,… Read more »
Ben Franklin Technology Partners Lists Longtime Navy Yard Building for Sale
Ben Franklin Technology Partners of Southeastern Pennsylvania has listed its longtime headquarters in the Philadelphia Navy Yard for sale and plans to relocate. The organization currently occupies about 12,000 square feet of the 30,000-square-foot building at 4801 S. Broad St., known as Building 100, with the remaining space leased to other tenants. While the asking… Read more »
Center City Remains Philadelphia’s Office Hub
Despite concerns about Philadelphia’s downtown office market, Center City’s Market Street West remains a key leasing destination, leading the region. In the first half of 2024, it secured 548,000 square feet in new leases. Notable deals include Clark Capital’s 37,500-square-foot lease at One Liberty Place and Ballinger’s 46,500-square-foot lease at 1650 Arch St. Several law… Read more »
Philadelphia Office Values Drop 6%, With More Losses Possible
After a citywide revaluation, the assessed value of Philadelphia office buildings fell by nearly 6%. The City of Philadelphia expects this decline to deepen as property owners appeal their assessments. The 2025 property assessments, released this week, show a $635 million drop in taxable value, bringing total office valuations to about $10.73 billion, down from… Read more »
Why Philadelphia’s Office Market Is Brightening
To an outsider, Philadelphia’s office’s use of statistics might suggest it should be one of the hardest-hit cities, struggling with reduced foot traffic and empty buildings. However, the City of Brotherly Love is thriving, offering a model for other urban office markets facing high vacancy rates and quiet downtowns as they recover from the pandemic…. Read more »
Old City Office Building Set to Change Hands Amid Selloff
A New York real estate investment firm is in talks to sell two more Old City properties after recently unloading nearby buildings. KKR Real Estate Finance Trust Inc. (NYSE: KREF) plans to sell the 209,700-square-foot office building at 325 Chestnut St. and the 469-spot Bourse parking garage at 400 Ranstead St. The firm recently sold… Read more »
Nonprofit Signs Significant Office Lease in Philadelphia
A Philadelphia nonprofit has chosen to extend and enlarge its lease, standing out as one of the noteworthy office deals in the city this year. This decision reflects a growing trend among tenants to invest in larger office spaces. The Defender Association of Philadelphia, which provides legal assistance to underprivileged criminal defendants, has confirmed its… Read more »
Developer Buys Building at a Major Markdown
The sale of the Bourse building and 400 Market St. in Old City has closed at a combined price of $41 million, according to industry sources. Philadelphia developers Lubert-Adler Real Estate Funds and Keystone Development and Investment paid $31 million for the 129-year-old Bourse building at 111 S. Independence Mall East and $10 million for… Read more »
NYC Firm In Talks to Buy Building
A New York real estate firm has acquired the majority of the debt on the historic Wanamaker building and is negotiating to take over the distressed Center City office property, according to multiple sources. Rubenstein Partners, which owns the nine-floor office portion of the Wanamaker, confirmed to the Business Journal that it has had “significant”… Read more »