Law firm Polsinelli, which expanded into the Philadelphia market earlier this year by hiring 35 local lawyers from Holland & Knight, has signed a long-term lease for two floors at Three Logan Square. The firm will occupy the 11th and 12th floors, totaling 40,790 square feet, and plans to move in next summer. Currently with… Read more »
After seven years of rising office sublease availability, Philadelphia’s office market shows signs of recovery. By late 2024, the proportion of sublet space in the total available inventory dropped to 15.1%, down from a peak of 16.8% in mid-2023. This marks a shift after years of increasing sublet availability, indicating that the worst of the… Read more »
Just over a month ago, 401 Market St. appeared rock-solid on paper: the 484,643-square-foot building was fully leased, generating record revenue and strong cash flow, with a mortgage in good standing and over a year left before maturity. But in October, Wells Fargo’s lease on 349,770 square feet expired, dropping occupancy from 100% to 28%… Read more »
Boston-based megafirm Goodwin Procter has become the first tenant in Brandywine Realty Trust’s new office tower at 3025 JFK Blvd, moving in just over 18 months after entering the Philadelphia market. Last week, the firm took 31,000 square feet on a 12.5-year lease, occupying the 8th floor and part of the 7th, with space for… Read more »
The University of the Arts’ prime Center City real estate portfolio, totaling 760,000 square feet across nine buildings, has officially hit the market as part of the school’s Chapter 7 bankruptcy liquidation. Many of these historic properties are in high-profile locations around South Broad Street. Appointed by U.S. Bankruptcy Court in Delaware, JLL is marketing… Read more »
Office landlords nationwide continue to face numerous challenges in the post-pandemic recovery, yet one Philadelphia developer is finding renewed optimism with a gradual rise in leasing activity. Brandywine Realty Trust, a Philadelphia-based REIT, reports increased touring and leasing across its U.S. office portfolio as companies regain confidence in expanding their real estate presence. CEO Jerry… Read more »
FLD Group of Eatontown, NJ, and the Adjmi family of New York have purchased the Plymouth Meeting Executive Campus from Brandywine Realty Trust for $65.5 million. The five-building, 521,288-square-foot Class A office complex sold at $126 per square foot, a notable discount from early 2023 estimates of over $100 million. This acquisition follows the partnership’s… Read more »
After acquiring a significant portion of the debt on the historic Wanamaker building, TF Cornerstone is now attempting to take control of the Center City office space from its owner, Rubenstein Partners. With the New York-based developer now in possession of the loan, the foreclosure situation has changed. Instead of being managed by a commercial… Read more »
The asking office rents in Philadelphia have remained resilient and even increased in recent years. However, effective rents, which account for inflation and concessions, paint a more complex picture. As a result, asking rents are no longer as reliable an indicator of occupancy costs and office market performance as they once were. From 2010 to… Read more »
Two months after acquiring the Bourse building and 400 Market St., developers Lubert-Adler Real Estate Funds and Keystone Development and Investment are moving forward with conversion plans. Initially undecided between apartments or a hotel for the 173,700-square-foot building at 400 Market St., a zoning permit issued on August 29 now allows for 176 residential units,… Read more »
