Five Below Inc. is trying to sublease 42,000 square feet at its Philadelphia headquarters, deciding it no longer needs the space it grabbed two years ago for future expansion. If possible, it wouldn’t mind getting rid of an additional 26,000 square feet for a grand total of 68,000 square feet. The company is “evaluating a hybrid model… Read more »
Dechert has signed a short-term renewal on about 109,000 square feet of office space over four floors at Cira Centre. Dechert, one of Philadelphia’s largest law firms, had been in discussions for some time with the building’s landlord, Brandywine Realty Trust, to occupy four floors in the upper section of Cira Centre. The firm had… Read more »
Biomeme Inc., a diagnostic startup behind a rapid Covid-19 test, has signed a lease on 44,000 square feet to relocate its headquarters, lab and production space to 401 N. Broad St. in Center City. The company is currently housed in about 20,000 square feet at 1015 Chestnut St. and has grown during the pandemic as… Read more »
Ensemble Real Estate Investments and Mosaic Development Partners are preparing to break ground on two new biotech buildings at the Navy Yard, their first projects since being selected last year to lead an expected $2.5 billion in fresh development over 109 acres of the former barracks in South Philadelphia. The two life-science projects ― a… Read more »
One South Broad St., a 464,000-square-foot building, is the latest Philadelphia office property to enter the life sciences fray. Aion Partners of New York, which owns the 26-story building, is marketing 108,418 square feet over floors three through eight as space that can be converted into labs. The six contiguous floors were vacated last year… Read more »
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 »
