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 »
Philadelphia’s Department of Aviation has acquired a large office property near Philadelphia International Airport for $42 million. The agency purchased the vacant building at 8800 Tinicum Boulevard from Office Properties Income Trust. The transaction equates to approximately $95 per square foot. The five-story building spans approximately 441,000 square feet across a 32-acre site. Its location… Read more »
Armstrong Teasdale is strengthening its commitment to the Philadelphia market with a new office location. The move reflects the firm’s long-term growth strategy for the region. This year marks the firm’s 125th anniversary. At the same time, Armstrong Teasdale is looking ahead as Philadelphia enters a period of significant investment and national attention. Major events,… Read more »
Upper Merion Township is pursuing plans for a $200 million entertainment district in King of Prussia. The proposal centers on a 16.8-acre site within the Moore Park business complex on First Avenue. Plans call for a mixed-use destination anchored by a stadium with seating for more than 7,500 spectators. The venue could accommodate professional baseball… Read more »
Brandywine Realty Trust has sold a fully leased office building in King of Prussia for $41.5 million. Harbor Group International acquired the 100,820-square-foot property at 500 North Gulph Road. The sale price equates to approximately $412 per square foot. UGI Corp. occupies the entire five-story building as its corporate headquarters. The long-term lease provided an… Read more »
Developers Dean Adler and PMC Property Group are seeking to terminate their $70 million agreement to acquire Philadelphia’s Centre Square. Developers Dean Adler and PMC Property Group are seeking to terminate their agreement to acquire Centre Square in Philadelphia. The developers previously agreed to purchase the landmark office complex for $70 million. If approved, ending… Read more »
