Despite the tumultuous fluctuations in the Philadelphia office market last year, resourceful developers, investors, and companies demonstrated resilience by engaging in office sales activities. Prior to 2020, office buildings were dominant, consistently commanding top prices in commercial real estate. However, the enduring impact of the pandemic disrupted this trend. As the future of in-person work… Read more »
Wolf Commercial Real Estate has been appointed as the leasing agent to market 1719 Chestnut Street, Philadelphia, Pennsylvania. The property has +/- 3,300 sqaure feet available for lease. 1719 Chestnut Street is ideal for retail or office users. The property has an open floor layout with three private offices, a conference room, and elevator access…. Read more »
Wolf Commercial Real Estate has been appointed as the leasing agent to market 1760 Market Street, Philadelphia, Pennsylvania. 1760 Market Street is a Class ‘A’ office building that is available for sublease. Discover an available space of +/-5,636 SF with sublease information extending through April 30, 2029. 1760 Market is ideal for a professional services… Read more »
In December, nearly $60 million in debt linked to 1515 Market St. shifted to special servicing, further highlighting the strain on office properties near City Hall. The 20-story building, owned by Florida-based Accesso Partners, carries a $59.4 million balance from a loan secured for its $85 million acquisition in 2014. Originally extended by JPMorgan Chase… Read more »
The personal injury law firm, Raynes & Lawn, is bidding farewell to its 55-year home on Rittenhouse Square, opting to transition into space at 2400 Market St. currently occupied by Lubert-Adler, as the latter relocates its headquarters to The Battery in Fishtown. The move is scheduled for April 1. Raynes & Lawn will initially occupy… Read more »
Amidst a slowdown in the office sales market, a boutique property in Philadelphia’s central business district is available for sale at a likely discounted price. The 15-story, 133,353-square-foot office building at 1760 Market St. is listed by owner Victor F. Keen, a retired tax attorney. While the listing lacks a specific price, industry estimates suggest… Read more »
Stradley Ronon Stevens & Young has exercised a lease option to relinquish one of the four floors it occupied at its long-standing headquarters in One Commerce Square. Effective January 1, the law firm downsized its space at the 2005 Market St. office building by 25%, reducing it from 92,000 square feet to 69,111. Co-Chairman Kevin… Read more »
The owners of Centre Square have successfully negotiated with the city to reduce the property tax assessment on the challenged office complex by $113 million for the current year, while the two-building site remains in receivership with declining occupancy levels. The assessed value of this Center City property, initially set at $362.6 million, will undergo… Read more »
David Werner Real Estate Investments has recently inked a substantial, long-term lease extension encompassing 800,000 square feet with Dow at its life sciences and office campus in Collegeville, Pennsylvania. This transaction stands out as one of the largest leases executed in the region in over a decade. Notably, it marks the most extensive office lease… Read more »
The owner of 1818 Market St. is actively pursuing a renegotiation of the terms for a $223 million loan tied to the Center City property, just shy of two months before its March 9 maturity date. Originated by Barclays in 2021, the debt was subsequently sold to investors as commercial mortgage-backed securities (CMBS). San Francisco-based… Read more »
