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 »
KPMG will add another full floor at 1735 Market Street as the firm responds to rising client needs and growing in-office activity. Office attendance in Philadelphia has increased 56% since 2023, and demand continues to climb. The expansion will increase KPMG’s footprint by 25%. The firm will grow from 97,000 square feet to 122,000 square… Read more »
Thomas Jefferson University has put a 10-story Center City building on the market. The property sits at 919 Walnut Street and totals about 136,000 square feet. Jefferson is asking $13.5 million, which equals $99 per square foot. The building currently carries a university-use designation. However, it sits in a CMX-5 zoning district, Philadelphia’s least restrictive… Read more »
Philadelphia continues to trail most major U.S. markets in the absorption of large-block office space, with availability declining by only 1.6% from its peak. This modest reduction — representing spaces of 100,000 square feet or more in Class A buildings — underscores the region’s sluggish leasing activity compared to other thriving cities. Among major metros,… Read more »
