The office tower at 1700 Market Street is hitting the market as its foreclosure process approaches resolution. The 850,723-square-foot, 32-story Center City property will be marketed and sold by Cushman & Wakefield, which the court appointed as receiver. San Francisco-based Shorenstein owns the building and owes more than $186.7 million on a CMBS loan tied… Read more »
RSM US LLP has signed a long-term lease to relocate its Philadelphia office to 1735 Market Street. The firm will occupy 22,340 square feet, moving one block from its current location. RSM will relocate from 25,827 square feet at Duane Morris Plaza, located at 30 South 17th Street. The new office will span the entire… Read more »
After failing to attract a buyer at sheriff’s sale, the former GSK building at the Navy Yard has sold. The vacant property is located at 5 Crescent Drive. The Eastern Atlantic States Regional Council of Carpenters purchased the 207,779-square-foot building for $52 million. The price reflects a 60 percent discount from its previous sale eight… Read more »
After failing to sell at sheriff’s sale, the former Navy Yard headquarters of GSK has closed a deal. The Eastern Atlantic States Regional Council of Carpenters purchased the vacant 207,779-square-foot building at 5 Crescent Drive for $52 million. The sale price reflects a 60% discount from the property’s last transaction eight years ago. The building… Read more »
A 266,000-square-foot office building in Philadelphia’s central business district is being considered for a partial residential conversion. Recently, a zoning permit was approved for an entity affiliated with Philadelphia-based ASI Management. As a result, 45 residential apartments are planned for floors 17 through 20 at 1880 John F. Kennedy Boulevard. Meanwhile, the building’s first 16… Read more »
Philadelphia-based plaintiffs personal injury law firm McEldrew Purtell is expanding through a relocation to 1845 Walnut Street. As part of the move, the firm is more than doubling its office footprint. Previously, it occupied 6,732 square feet at 123 South Broad Street, where it had been based for nearly 15 years. Now, the 20-attorney firm… Read more »
Community Legal Services has signed a 13-year lease for 32,500 square feet at 123 S. Broad Street in Philadelphia. The nonprofit will relocate from its longtime office at 1424 Chestnut Street in mid-2026. Approximately 35,000 square feet will be vacated after more than 30 years at the Chestnut Street location. The new lease provides occupancy… Read more »
Madrigal Pharmaceuticals is relocating to support expanding office and research and development operations in West Conshohocken. The 25-year-old public drugmaker is moving about one mile from its previous location. The company developed the first FDA-approved pill to treat liver disease MASH nearby. Madrigal will occupy three floors at Keystone’s 1K1 building at 1001 Conshohocken State… Read more »
Horn Williamson has expanded its Center City office by 50%. The construction law firm now occupies an entire floor at One Commerce Square. The firm moved last week to the 32nd floor at 2005 Market St. It signed a 10-year lease with Brandywine Realty Trust. Previously, it occupied two suites totaling 9,700 square feet at… Read more »
Three buildings in Renaissance Park, including Conshohocken Brewing Co.’s King of Prussia location, sold for $17.5 million. The buyer was Seyon Group, a Boston-based investor expanding its Philadelphia-area portfolio. MLP Ventures, led by Brian O’Neill, served as the seller. The properties total roughly 100,000 square feet. They include 3600, 3602 and 3100 Horizon Drive. Conshohocken… Read more »
