Hanwha Philly Shipyard has expanded its Navy Yard footprint with a new 64,380-square-foot office lease. The shipbuilder will occupy three floors at 201 Rouse Boulevard, an 80,000-square-foot office building. Overall, Hanwha will occupy more than 80% of the property. The building sits approximately 1.3 miles from Hanwha’s 115-acre shipyard along the Navy Yard waterfront. Notably,… Read more »
The Pennsylvania Horticultural Society is relocating its longtime Philadelphia headquarters with a new lease at 1900 Market Street. PHS signed a 16-year lease for approximately 18,000 square feet at the former Philadelphia Stock Exchange building. The nonprofit will occupy space on the ground floor and within a lower-level atrium. The move takes PHS just two… Read more »
The owner of Spring Mill Campus is exploring a sale or recapitalization after significantly improving occupancy at the Conshohocken office complex. Alliance HP acquired the 508,500-square-foot property for $81 million in 2019. At the time, Spring Mill Campus was approximately 65% occupied. Since then, occupancy has increased to 86%. That improvement represents a notable turnaround… Read more »
Philadelphia International Airport has acquired a large neighboring property that could support future expansion and development. The airport purchased the 31.6-acre site at 8800 Tinicum Boulevard for $42 million. The property includes a vacant 441,000-square-foot office building and a large surface parking lot. The transaction equates to approximately $95 per square foot. Notably, the site… Read more »
Philadelphia architecture firm Designblendz is doubling its office footprint with a new 10,000-square-foot lease in Market East. The firm signed a seven-year lease at the Steele Building at 15-21 South 11th Street. Designblendz will occupy the top two floors of the five-story building. Additionally, the firm plans to relocate to the property in December. Currently,… Read more »
Burlington Stores plans to relocate its corporate headquarters from South Jersey to Philadelphia’s University City neighborhood. The off-price retailer is purchasing the 441,000-square-foot office building at 3151 Market Street. Furthermore, Burlington plans to occupy the entire building as its new corporate headquarters. The relocation represents a $370 million investment by the company. Additionally, Burlington expects… Read more »
The owners of 2000 Market Street have secured $50 million in financing to support additional investment in the Center City office building. The financing will fund tenant improvements and property upgrades at the 665,000-square-foot building. Moreover, the investment follows a period of growing leasing activity. CSB Holdings and Tide Realty Capital acquired 2000 Market Street… Read more »
JPMorgan Chase & Co. is preparing to take a full office floor at 2400 Market Street in Philadelphia. The banking giant is expected to sublease the building’s entire 63,000-square-foot fifth floor from Aramark. Aramark plans to vacate the fifth floor while maintaining its remaining space at the property. For JPMorgan, the move could support a… Read more »
Vanguard Group has sold a 323,000-square-foot Wayne office complex for $17 million while maintaining its operations at the property. Malvern-based E. Kahn Development acquired the campus at 1041 West Valley Road. The transaction equates to approximately $53 per square foot. However, Vanguard plans to lease back the entire property through at least 2028. Employees currently… Read more »
The $70 million sale of Centre Square has received court approval, advancing a major redevelopment opportunity in Center City Philadelphia. U.S. District Court Judge Nitza Quiñones Alejandro approved the sale to affiliates of PMC Property Group and investor Dean Adler. The transaction involves the 1.76 million-square-foot Centre Square complex at 1500 Market Street. The two… Read more »
