After years of uncertainty surrounding the future of the iconic Wanamaker building, TF Cornerstone has officially taken full ownership following a foreclosure auction held Tuesday. The New York-based developer announced plans to convert a significant portion of the building’s office space into residential units as part of a major repositioning effort. With the acquisition, TF… Read more »
While many companies are downsizing, Power Home Remodeling is doubling down on in-person culture. The company has signed a 12-year, 250,000-square-foot lease at the Wharf at Rivertown in Chester — marking one of the largest office deals in the Philadelphia region since the pandemic’s shift to remote work. The lease expands Power’s footprint by 65,000… Read more »
Two largely vacant office buildings in Collegeville have changed hands for $6.2 million — representing a staggering 81% drop in value from their last sale in 2018. Located at 200 and 400 Campus Drive, the buildings span a combined 183,363 square feet and were just 15% occupied at the time of sale. The significant vacancy… Read more »
Philadelphia has seen a steady rise in office building sales, as more buyers reenter the market in search of good value. In the first quarter of 2025, 245 office properties changed hands — a nearly 25% increase compared to the same period in 2024. Since January 2024, about 6.2% of the city’s 17,650 office properties… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey, has been appointed the exclusive listing agent for 325 South 22nd Street, Philadelphia, Pennsylvania. The Philadelphia property is available for lease. The property contains +/- 1,500 square feet with a big room being 975 square feet, conference room being 110 square… Read more »
The historic Wanamaker Building in Center City is slated for a foreclosure auction on June 3, with New York-based developer TF Cornerstone holding a $120 million head start. The firm, which acquired the majority of the building’s debt earlier this year, was granted a credit bid of $120 million – the amount owed by current… Read more »
While many Center City office buildings grapple with financial uncertainty and declining occupancy, 123 S. Broad St. is moving in a different direction. The 30-story, 725,000-square-foot tower is seeing renewed investment from its ownership group and a steady influx of new tenants, with a goal of reaching 90% occupancy by year’s end. The building’s ownership… Read more »
A New York real estate firm has purchased the five-building Lindenwood Corporate Center in Malvern for $23.1 million, according to property records – a 42% drop from its last sale in 2021. The 280,025-square-foot campus on Lindenwood Drive was acquired by an entity tied to Time Equities Inc. from Utah-based Bridge Investment Group. The deal… Read more »
Over 1,100 apartments are being developed in Center City through office-to-residential conversions. These projects address two of Philadelphia’s most urgent challenges: a high office vacancy rate and a constrained housing supply. By repurposing underutilized office space, these conversions are helping to stabilize the vacancy rate below 20% while adding much-needed housing inventory. The trend reflects… Read more »
The half-vacant One South Broad office tower in Center City is up for sale as its owner, Aion Partners, nears the end of an extended mortgage forbearance. The 25-story, 463,988-square-foot property—home to Insomnia Cookies’ headquarters—is being marketed by Newmark as a lease-up or residential conversion opportunity. Aion secured a two-year CMBS loan extension in 2023… Read more »
