Philadelphia continues to trail most major U.S. markets in the absorption of large-block office space, with availability declining by only 1.6% from its peak. This modest reduction — representing spaces of 100,000 square feet or more in Class A buildings — underscores the region’s sluggish leasing activity compared to other thriving cities. Among major metros,… Read more »
Office tour activity is gaining momentum in Philadelphia as tenants seek larger, higher-quality spaces. Reflecting renewed confidence in the market, Brandywine Realty Trust has acquired its joint venture partner’s stake in the mixed-use tower at 3025 John F. Kennedy Blvd., investing $70.5 million to become the sole owner. The 570,000-square-foot property, featuring both office and… Read more »
Brandywine Realty Trust has acquired full ownership of 3025 John F. Kennedy Blvd. in University City after purchasing its joint venture partner’s remaining stake for $70.5 million. The deal gives Brandywine complete control of the 570,000-square-foot mixed-use tower. The Philadelphia-based REIT previously held a 66% interest in the recently completed property, with a global institutional… Read more »
The foreclosure saga surrounding 1650 Arch Street in Center City appears to be approaching its conclusion. 1650 Arch Investor LP, an affiliate of ASI Management and owner of the 553,000-square-foot office tower, is slated for public auction on November 5. According to a published notice, bidding will take place both online and in person at… Read more »
The Archdiocese of Philadelphia is preparing to relocate its headquarters, signing a long-term lease for 80,000 square feet at Three Parkway, just a block from its current Center City location. The archdiocese, which has occupied its 13-story, 137,000-square-foot building at 222 N. 17th Street since 1971, cited $25 million in deferred maintenance costs and underutilized… Read more »
The 16-story Eight Tower Bridge office building in Conshohocken has been sold for $83.1 million, representing a 23% decline from its last sale in 2018. The 347,000-square-foot tower was purchased by a partnership between FLD Group of Eatontown, NJ, and New York’s Adjmi family, from American Real Estate Partners (AREP). AREP previously acquired the property… Read more »
Starr Insurance is set to significantly expand its presence in Center City Philadelphia, leasing the entire 31,600-square-foot top floor of 30 S. 17th Street, also known as Duane Morris Plaza. The move represents a 66% increase in space for the New York-based insurance and investment firm, which currently occupies about 19,000 square feet at 1601… Read more »
The Great Valley School District has approved the $7.5 million purchase of the Westbrook Corporate Center, a nearly 190,000-square-foot office building located at 41 Moores Road in Malvern. The property sits on 21.9 acres directly adjacent to Great Valley High School, positioning the district for potential future expansion or redevelopment of the site. The acquisition… Read more »
Construction and engineering firm Day & Zimmermann will significantly reduce its Center City office space as it relocates next year to 1835 Market Street. The company has signed a long-term, 48,074-square-foot lease, moving from over 100,000 square feet at 1500 Spring Garden Street, where it has been headquartered for nearly two decades. Despite the downsizing,… Read more »
Stateside Vodka, the Philadelphia-born spirits company best known for its craft vodka and popular Surfside canned cocktails, has signed a long-term lease to move its corporate headquarters back to the city. The company secured an 11-year lease for 34,200 square feet across the fifth and sixth floors at 1100 Ludlow Street, part of the East… Read more »
