Dilworth Paxson is nearing a deal to move from Centre Square to One Liberty Place, reducing its office space by roughly 40%, in line with the trend of law firms downsizing their real estate. The firm would downsize from 83,094 square feet to about 50,000 square feet. Dilworth is reportedly in discussions to take over… Read more »
Alliance HP, headquartered in Bryn Mawr, has acquired two properties in Montgomery County for a total of $23.1 million. These properties consist of an industrial building and an office building, both of which Alliance HP intends to convert into flex industrial spaces. According to property records, the company purchased a fully vacant 143,000-square-foot office building… Read more »
Philadelphia’s office market reflects a tale of two cities, showcasing pre-existing challenges and those emerging post-pandemic. For over a decade, the Philadelphia suburbs have struggled with high office availability rates, significantly exceeding historical averages. This surplus of office space has become the norm for suburban areas. Conversely, the abundance of available office space in the… Read more »
The iconic office property at Philadelphia Navy Yard is slated for a sheriff’s sale in June. Originally praised for revolutionizing workspaces when constructed for GlaxoSmithKline over a decade ago, the building at 5 Crescent Drive is now entangled in foreclosure proceedings due to the owner’s outstanding $85 million mortgage debt. *Article courtesy of Philadelphia Business… Read more »
Philadelphia officials anticipate a substantial decrease of approximately $1 billion in the total assessed value of office buildings throughout the city, attributed to financial challenges faced by property owners and escalating vacancy rates. Finance Director Rob Dubow highlighted the necessity of accounting for these declining valuations in Mayor Cherelle Parker’s proposed budget for fiscal year… Read more »
In late December, a lender assumed control of a four-building Philadelphia office portfolio, and discussions are underway for the potential sale of two of the properties. KKR Real Estate Finance Trust Inc. (NYSE: KREF), a subsidiary of New York-based alternative investment firm KKR, disclosed in its quarterly earnings filing with the Securities and Exchange Commission… Read more »
Frontier Development & Hospitality Group aims for “really prominent” food and beverage partners and a four-star designation for its redevelopment of the former Family Court building into a 215-key hotel, according to Managing Principal Evens Charles. The 247,196-square-foot structure at 1801 Vine St. is part of a broader development plan along the Benjamin Franklin Parkway…. Read more »
Philadelphia City Hall, with its iconic oversized William Penn statue, symbolizes the city. The SEPTA station beneath connects the transit network, and Dilworth Park’s family-friendly attractions are popular among tourists and locals alike. However, the offices adjacent to this beloved Second Empire structure face significant challenges. Data reveals that among the six private-sector office buildings… Read more »
Despite the tumultuous fluctuations in the Philadelphia office market last year, resourceful developers, investors, and companies demonstrated resilience by engaging in office sales activities. Prior to 2020, office buildings were dominant, consistently commanding top prices in commercial real estate. However, the enduring impact of the pandemic disrupted this trend. As the future of in-person work… Read more »
Wolf Commercial Real Estate has been appointed as the leasing agent to market 1719 Chestnut Street, Philadelphia, Pennsylvania. The property has +/- 3,300 sqaure feet available for lease. 1719 Chestnut Street is ideal for retail or office users. The property has an open floor layout with three private offices, a conference room, and elevator access…. Read more »
