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 »
Audacy is subleasing nearly half of its 65,000-square-foot headquarters at 2400 Market Street in Center City Philadelphia. The company is making about 32,400 square feet of space available as it adapts to hybrid work schedules and evolving office needs. Despite the downsizing, Audacy will maintain its studios for six local radio stations and continue to… Read more »
The Philadelphia commercial office market has experienced a major shift in buyer activity over the past 12 months, with private investors and end users stepping in as traditional institutional players pull back. Private buyers now account for 66% of office sales, up from a 10-year average of 51%. This 15-point increase represents the most significant… Read more »
Asplundh Tree Expert Co. is relocating its longtime headquarters from Willow Grove to Horsham, marking a significant office move and expansion in the Philadelphia region. The company signed a long-term lease to fully occupy a 120,000-square-foot building at 680 Blair Mill Road in Horsham, just a half-mile from its current site. The move represents a… Read more »
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 »
