The Philadelphia region has 21 office properties under construction totaling over 3.7 million square feet, as of the third quarter of this year. Over 70% of the new office development is concentrated in two downtown areas: University City and the Market Street West section of Center City. University City alone accounts for 1.2 million square… Read more »
KPMG plans to leave its longtime home at 1601 Market St. next year and relocate to new offices at 1735 Market, reducing its space by 38% in the process. The Big 4 accounting firm will make the move when its lease at 1601 Market expires on June 30, 2024. It currently occupies 134,000 square feet… Read more »
Nine months after launching a Philadelphia office, law firm Goodwin Procter has signed a lease to become the lead tenant at a new mixed-used tower at Schuylkill Yards. Goodwin will occupy 31,500 square feet in the 28-story tower at 3025 John F. Kennedy Blvd. The lease is for 12.5 years. Brandywine Realty Trust (NYSE: BDN) recently completed… Read more »
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 »
