More than two years into the pandemic, thousands of employees continue to work remotely in the suburbs rather than commute into the city, according to a new report by Pew Charitable Trusts. The permanent trend toward remote work is contributing to Philadelphia’s tepid economic rebound from the COVID-19 pandemic and a decline in the total… Read more »
BET Investments Inc. has closed on the purchase of Prudential Insurance Co.’s 90-acre campus, paying $30.25 million for the property that is visible from the Pennsylvania Turnpike. The property at 2101 Welsh Road in Upper Dublin has three interconnected office buildings that total 861,000 square feet and surface parking lots that have 2,175 spaces. Prudential… Read more »
Seven years ago this July, Scout Ltd. closed on buying the 8-story, 338,000-square-foot Edward W. Bok Vocational School at 1901 S. 9th St. in South Philadelphia. The hulking building was vacant at the time and Lindsey Scannapieco, Scout’s managing partner, had ambitions to convert the former school, which she described in a recent interview as a “giant castle,”… Read more »
The Philadelphia Inquirer has signed a long-term lease at 100 Independence Mall West for its new headquarters, which is set to accommodate increased hybrid and remote work. The 193-year-old newspaper is set to occupy 36,744 square feet on the sixth floor of 100 Independence Mall West, a 419,175-square-foot office building owned by Keystone Development + Investment that… Read more »
Hybrid, a United Kingdom digital media firm that counts Thomas Jefferson University among its biggest clients, has selected Philadelphia for its U.S. headquarters and plans to grow the new office to 80 employees over the next two to three years. After the company conducted an analysis of cities that considered a variety of factors including… Read more »
An entity affiliated with Alterra Property Group has sold a commercial condominium housing a new Giant Heirloom at 801 Market St. in Philadelphia for $21.63 million. The entity, 801 Market Partners LLC, sold the 32,000-square-foot space to Realty Income Trust of San Diego (NYSE: O). Alterra, a developer, bought the commercial condo from PREIT for… Read more »
WCRE is proud to have exclusively represented Sadek & Cooper, in the leasing of 3,468 square feet of office space located at Two Penn Center, 1500 JFK Blvd., Philadelphia, PA from Crown Two Penn Center Associates, LLP an entity controlled by ASI Management. Sadek & Cooper is a multi-disciplinary law firm specializing in both Family Law and Bankruptcy. Sadek & Cooper offers an array… Read more »
Rawle & Henderson will cut its office space in half when it relocates its Philadelphia headquarters from the Widener Building to 1500 Market St. next year. The venerable litigation defense firm has been located in the Widener Building at 1339 Chestnut St. since 1989. It will be moving into parts of two of the six… Read more »
Three years after buying Chesterbrook corporate park and its 1.1 million square feet of office space, Rubenstein Partners is making progress on a $50 million repositioning of the suburban campus. The Philadelphia real estate firm spent $10 million converting a vacant, 41,331-square-foot office building at 851 Duportail Road to house a fitness center, conference space,… Read more »
Ten years after buying 1900 Market St. in Philadelphia for $34.8 million, Brandywine Realty Trust has put the 456,922-square-foot building up for sale. The building, which is fully leased, could potentially trade for an estimated $200 million. The 8-story building will test investor interest in Center City office buildings, an asset class that has lost… Read more »
