BNY is continuing to reshape its Philadelphia-area office footprint. This time, the financial institution plans to consolidate several suburban locations into a new regional hub. The company signed a lease for more than 41,650 square feet at 965 Chesterbrook Boulevard in Wayne. The new office is expected to open next year. BNY has not identified… Read more »
Brandywine Realty Trust has completed the sale of Six Tower Bridge in Conshohocken. The transaction reflects the company’s ongoing effort to reposition its office portfolio. The 116,000-square-foot office building is located at 181 Washington Street. Legend Realty and the Adjmi family acquired the property for $21 million. The sale price equates to approximately $181 per… Read more »
New York Life Insurance Co. is relocating a business unit within Center City Philadelphia. As part of the move, the company will reduce its office footprint by nearly half. The insurer signed a long-term lease for approximately 40,000 square feet at 1717 Arch Street. Specifically, New York Life will occupy the 44th and 45th floors… Read more »
Vanguard is reducing its office footprint in Malvern once again. This time, the investment management giant plans to vacate 87,600 square feet at 45 Liberty Boulevard when its lease expires at the end of June. The decision represents a significant occupancy change for the property. Currently, the 137,000-square-foot building is fully leased. However, occupancy will… Read more »
nvestor interest in healthcare real estate continues across the Philadelphia suburbs. Most recently, a fully leased office building in Chalfont sold for $12 million. Phoenix-based Pruthi Properties acquired the 52,622-square-foot property at 1600 Manor Drive from an affiliate of Equus Capital Partners. Located within New Britain Corporate Center, the building combines medical and professional office… Read more »
The future of Philadelphia’s iconic Centre Square complex has become increasingly uncertain as new buyers enter the race for the distressed property. Just months after a potential deal appeared close, additional bidders have surfaced for the massive Center City office complex. Their involvement now threatens to derail the proposed acquisition by local developers Dean Adler… Read more »
Philadelphia’s office market welcomed a major milestone this week as Chubb officially opened its new headquarters at 2000 Arch Street. The 438,000-square-foot tower reflects the company’s long-term commitment to both the city and in-person collaboration. By early afternoon Monday, the building’s cafeteria buzzed with activity. Employees gathered for lunch, held conversations with coworkers, and searched… Read more »
Bonduelle Americas has selected Philadelphia for its newest office location. As a result, the company plans to expand operations and add more than 100 jobs in the city. The plant-based food manufacturer evaluated more than 20 markets during its site search. Eventually, the company narrowed its options to Philadelphia, Boston, Chicago, Atlanta, and Chapel Hill…. Read more »
Center City Philadelphia is continuing its shift toward a more mixed-use future. As a result, office conversions are expected to play a major role in reshaping downtown. According to the latest “State of Center City” report, approximately 2 million square feet of office space is positioned for redevelopment. Most of the potential conversion activity is… Read more »
WSFS Financial Corp. has signed a long-term lease extension at 1818 Market Street. As a result, stability is being provided to a challenged Center City office asset. The Wilmington-based firm will maintain its 96,800-square-foot headquarters in the building. In addition, WSFS remains the tower’s largest tenant. The nearly 1 million-square-foot property has faced financial pressure… Read more »
