A major office campus in Malvern is being marketed for sale, presenting a significant redevelopment opportunity along the Main Line. The 111-acre Malvern Green property, located at 51 Valley Stream Parkway, consists of three office buildings and a data center totaling nearly 760,000 square feet. All four buildings are currently occupied by Oracle, which took… Read more »
The federal government has scaled back its plans to significantly reduce its real estate holdings, opting to maintain two Securities and Exchange Commission offices that were previously slated for closure. Among them is the SEC’s Philadelphia regional hub, providing a notable boost to the city’s office market, which continues to recover from pandemic-related vacancies. The… Read more »
A three-building office complex in Wayne, just minutes from the King of Prussia Mall, has sold for $67.6 million. The campus, totaling 250,185 square feet, includes the properties at 1170, 1180, and 1190 Devon Park Drive. Chicago-based Mesirow Sale-Leaseback Capital acquired the complex from M&H Properties of Wynnewood. The transaction reflects a price of $270… Read more »
Centre Square, Philadelphia’s largest office property, is being marketed for sale even as it remains tied up in an ongoing foreclosure case. Located at 1500 Market Street, just west of City Hall, the 1.76 million-square-foot complex includes the 36-story East Tower, the 43-story West Tower, and a 450-space parking garage. Once one of the city’s… Read more »
The 37-story office tower at 1818 Market Street has entered receivership more than a year after its loan matured, adding to the growing roster of financially distressed properties in Philadelphia’s central business district. Court filings show owner Shorenstein Properties is in default on a $239.5 million commercial mortgage-backed securities (CMBS) loan tied to the nearly… Read more »
The 29-story office tower at 2000 Market Street has been acquired by a joint venture between New York-based CSB Holdings and Maryland-based Tide Realty Capital. The partnership purchased the 668,335-square-foot property for $45.5 million, or roughly $68 per square foot, according to Tide Realty Capital President Aaron Loeb. Unlike many recent Center City transactions that… Read more »
Morgan Properties has received approval to move forward with plans for two new office towers along the Schuylkill River, directly next to its recently established Conshohocken headquarters. On Monday, the borough’s Zoning Hearing Board granted the company zoning variances that clear the way for the development. The project, to be built behind the existing Millennium… Read more »
A trial date has been scheduled in the foreclosure case involving 1700 Market St., an 850,723-square-foot, 32-story office tower that has faced significant financial strain in recent years. The property, owned by San Francisco-based Shorenstein, carries more than $186.7 million in debt tied to a CMBS loan, according to court filings. The case is set… Read more »
FLD Group of Eatontown, NJ, and New York’s Adjmi family have expanded their footprint in the Philadelphia suburbs with the $5.2 million purchase of an 83,000-square-foot office building at 2250 Hickory Road in Plymouth Meeting. The four-story property, currently about 45% occupied, sits adjacent to the five-building Plymouth Meeting Executive Campus the partners acquired last… Read more »
A 553,000-square-foot office building at 1650 Arch Street in Philadelphia’s central business district has entered receivership amid foreclosure proceedings, marking another sign of distress in the city’s office market. The property, currently about half vacant, is facing heightened financial pressure as its lender, an affiliate of Wilmington-based Delphi Financial Group, filed a foreclosure complaint in… Read more »
