Shorenstein Properties has tapped into the commercial mortgage-backed securities market to refinance its 1818 Market St. Class A office building in downtown Philadelphia, according to analysis of the loan being rolled into a new offering likely to come to market next week. Barclays Capital Real Estate provided a two-year, floating-rate, interest-only loan totaling $222.9 million, according to… Read more »
Corporate Suites, a coworking operator based in New York, has signed a 15-year lease on 24,000 square feet at 123 S. Broad St. in Center City, making its first foray into Philadelphia. The firm will occupy the 15th floor of the office building and expects to be in operation by September. Though co-working struggled during… Read more »
As the development of office component of Sora West in Conshohocken draws to a completion over the next several months, AmerisourceBergen Corp. has already begun preparing for its move into its new headquarters this summer. As such, the Fortune 50 pharmaceutical distributor will join a growing list of companies that have faced the ordeal of… Read more »
Brandywine Realty Trust has secured two partners — one an undisclosed global institutional investor — on the development of a $287 million project at Schuylkill Yards and is making progress on its lease negotiations with Dechert at Cira Centre. The Philadelphia real estate investment trust said Dechert, one of Philadelphia’s largest law firms, is in… Read more »
Nahla Capital has completed $12 million in interior and exterior renovations to 2000 Market St. and signed a handful of lease renewals at the Center City office building. “We have had good momentum even during the pandemic,” said P.J. Van Hoof, senior associate at Nahla Capital. “We had more smaller tenants that were expiring and with… Read more »
BakerHostetler has signed a 16-year lease to relocate its Philadelphia offices from Cira Centre in University City to BNY Mellon Center at 1735 Market St. in the Central Business District. The Cleveland-based law firm leased 45,121 square feet, a reduction from the 80,000 square feet it had occupied at Cira Centre. BakerHostetler’s lease was scheduled… Read more »
The Wanamaker building is facing 500,000 square feet of vacant space after Children’s Hospital of Philadelphia exercised an option to terminate its lease at the building and two other tenants decided to move out. The 1.4-million-square-foot building at 100 Penn Square East in Center City has 950,000 square feet of office space and the remainder… Read more »
A Charlotte real estate firm has paid $9.45 million for a 78,000-square-foot building at 1400 N. Howard St. in Philadelphia and plans to invest another $8 million to redevelop it. While the Charlotte real estate firm owns several High Street retail properties near Rittenhouse Square including 1704 Walnut St., it also has a growing presence… Read more »
Axlata Coating Systems Ltd. plans to close its Center City global headquarters office and move out of the 36,000 square feet it has occupied at Two Commerce Square for the last seven years. Employees working out of Philadelphia will relocate to either its 55,000-square-foot North American headquarters off Applied Bank Way in Glen Mills or… Read more »
The properties being marketed are: 656-676 E. Swedesford Road, a two-building complex that totals 147,000 square feet; and the Valley Forge Office Center, which includes 480 E. Swedesford Road, a 49,000-square-foot building, and 500 E. Swedesford Road, a 61,000-square-foot property. No prices have been set for the buildings. The complex at 656-676 E. Swedesford was… Read more »
