A New York real estate firm has acquired the majority of the debt on the historic Wanamaker building and is negotiating to take over the distressed Center City office property, according to multiple sources. Rubenstein Partners, which owns the nine-floor office portion of the Wanamaker, confirmed to the Business Journal that it has had “significant”… Read more »
Three years after buying and renovating the former Nelson building, Vert Properties has leased half of the Society Hill property and expects 80% occupancy by year-end. Fifteen companies have already taken space in the three-story, 30,000-square-foot building at 222-230 Walnut St., with an average of 1,000 square feet per tenant. The property offers a hybrid… Read more »
Center City’s post-pandemic office market is beginning to take shape, highlighted by the sale of a 15-story building at a significant discount. An undisclosed private investor purchased 1760 Market St., a 133,353-square-foot office building in the central business district, for $11.5 million. This sale price represents a 63% decrease from its last sale in 2018,… Read more »
After considering alternatives, a Philadelphia investment management firm decided to stay in one of the city’s iconic towers, nearly doubling its office space. Clark Capital Management Group, based in One Liberty Place, signed a deal to expand its headquarters from 20,100 to 37,550 square feet on a different floor of the 61-story high-rise. The new… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 2315-2319 North Broad Street, Philadelphia, PA 19132. The Philadelphia property is available for sale. The property holds +/- 12,789 square feet on .33 acres, that could be utilized by opportunity zones and… Read more »
Clark Capital Management Group CEO Brendan Clark sought to expand the investment management firm’s office space following a period of rapid growth. His top requirement was a staircase connecting two contiguous floors. Initially considering a move from their 20,084-square-foot space on the 53rd floor of One Liberty Place at 1650 Market St., Clark found that… Read more »
The office buildings facing the most vexing challenges are those with the lowest occupancy and highest debt. In Philadelphia, a prime example is the hulking Wanamaker Building, just east of City Hall. The office portion of this historic building is only 23% occupied and has been in receivership since September. Its historic status restricts renovation… Read more »
Seeking a new design for its office, architecture firm Ballinger is relocating from its 21-year home in Washington Square West to a new location just south of the Benjamin Franklin Parkway. Currently occupying 44,000 square feet at 833 Chestnut St., Ballinger plans to move to 46,500 square feet at 1650 Arch St. in May 2025…. Read more »
Philadelphia developers Lubert-Adler Real Estate Funds and Keystone Development and Investment are finalizing a deal to purchase the Bourse building and 400 Market St., according to multiple industry sources. The joint venture plans to convert these Old City properties to new uses. This purchase marks Lubert-Adler’s latest investment in converting historic properties during the office… Read more »
While office values plummet and vacancy rates reach record highs, developer Ori Feibush sees the buyer’s market as “the best real estate opportunities we’ve seen in our professional lives.” To demonstrate this, he recently acquired a five-story Old City building that’s 30% occupied, with plans to keep it as office space. Feibush, president of OCF… Read more »
