Center City District, an organization that operates the Center City business improvement district dedicated to enhancing the cleanliness, quality of life, and economic prosperity of downtown Philadelphia, will be relocating its office to ASI Management’s Land Title Building at 100 S Broad St., where it leased 26,173 square feet. The business improvement district operator will… Read more »
Office sublease availability has increased to 8.1 million square feet across the Philadelphia metropolitan area and now accounts for 3% of the 49.2 million square feet of available office inventory. As of the third quarter, 280 office properties in the Philadelphia region have available sublet spaces. While sublet availability still comprises a small fraction of… Read more »
Alterra Property Group is once again moving forward with plans to buy 1701 Market St. and convert the Center City office building into 325 residential units, reviving a transaction that previously fell through due to rising costs. The 305,170-square-foot, 18-story building is owned by New York-based LXP Industrial Trust (NYSE: LXP) and currently houses the headquarters of… Read more »
Penn State University’s board of trustees on Friday unanimously approved the sale of two Philadelphia Navy Yard buildings to the International Brotherhood of Electrical Workers Local 98 and the union’s apprenticeship arm for a combined $18.5 million. The buildings total 65,057 square feet. A 38,348-square-foot building at 4960 S. 12th St. was approved to sell… Read more »
Philadelphia office buildings face a potentially landscape-altering shift that could shape the market for years to come. Decreased occupancy rates have reduced leasing income for landlords to pay off commercial mortgages on their office buildings, many of which have suffered significant losses in property value since the start of the pandemic. That spells danger for… Read more »
Digitas Inc. is cutting in half its Philadelphia office space as the health care advertising agency moves from the Wanamaker Building to the Bourse in Old City. Digitas’ lease for 108,619 square feet in the historic Wanamaker expires in November. The company is taking about 55,000 square feet of space at the Bourse. *Article courtesy… Read more »
Fox Rothschild will be leaving its home of 46 years at 2000 Market St. — cutting more than 40% of its space in the process — to move across the street. The firm has signed a 15-year lease at Two Commerce Square at 2001 Market and will move in December 2024. Chairman Mark Morris said the firm… Read more »
Independence Health Group is looking to sublease a large portion, if not all, of the 224,000 square feet of office space it leases at 1900 Market St. across from its Center City headquarters. The region’s dominant health insurer has used the space primarily for its AmeriHealth Administrators affiliate. The third-party health plan processor of more… Read more »
WCRE is proud to have exclusively represented ReachMobi, in the subleasing of 10,500 square feet of office space located at the The Lits Building, 701 Market Street, Philadelphia, Pennsylvania from Five Below, in their corporate headquarters. ReachMobi develops apps that enable end users to be more efficient, operate their devices more simply and connect to… Read more »
Comcast Corp. will begin requiring employees to come into the office four days a week beginning in mid-September, according to a source with knowledge of the company’s plans. One of the region’s largest employers, Comcast (NASDAQ: CMCSA) had previously required some 8,000 Philadelphia employees to work in-person three days a week on Tuesday, Wednesday and… Read more »
