Philadelphia developers Lubert-Adler Real Estate Funds and Keystone Development and Investment are finalizing a deal to purchase the Bourse building and 400 Market St., according to multiple industry sources. The joint venture plans to convert these Old City properties to new uses. This purchase marks Lubert-Adler’s latest investment in converting historic properties during the office… Read more »
While office values plummet and vacancy rates reach record highs, developer Ori Feibush sees the buyer’s market as “the best real estate opportunities we’ve seen in our professional lives.” To demonstrate this, he recently acquired a five-story Old City building that’s 30% occupied, with plans to keep it as office space. Feibush, president of OCF… Read more »
The former GlaxoSmithKline office building at the Navy Yard failed to sell at a sheriff’s sale on Tuesday, adding another layer to its ongoing foreclosure saga. The 207,779-square-foot property at 5 Crescent Drive was put up for public auction on the Bid4Assets platform to satisfy a foreclosure judgment against owner Korea Investment Management Co. Ltd…. Read more »
Hamilton Lane will soon expand its presence by opening a Center City office at One Logan Square, complementing its relatively new headquarters in Conshohocken. The investment firm has secured an eight-and-a-half-year lease for 7,981 square feet on the 24th floor of the Brandywine Realty Trust-owned building at 130 N. 18th St. The move is scheduled… Read more »
An increasingly pressing question looms over older office buildings in Center City: What fate awaits them? Some local developers speculate that aging, lower-quality high-rises might vanish from Philadelphia’s skyline. While demolition is a typical aspect of the real estate cycle, the prospect of dismantling 30-story office towers is both rare and striking. However, extreme situations… Read more »
A five-story Center City West office building is for sale, offering conversion potential in a rapidly developing area of Philadelphia. Owned by the American Red Cross, the 52,676-square-foot building at 2221 Chestnut St. includes 20 underground parking spaces and is situated between the central business district, Rittenhouse Square, and University City. Recently assessed at $12.2… Read more »
Mayor Cherelle Parker announced on Monday that she is mandating all city employees to resume in-person work five days a week. This new directive will take effect on July 15, requiring over 25,000 city workers to return to their job sites full-time. It echoes Mayor Parker’s earlier encouragements to employers throughout Philadelphia to increase the… Read more »
A two-story office building in Center City, located at 2042-2048 Arch St. in Logan Square, is now available for purchase, presenting a prime redevelopment opportunity. Positioned between two notable projects, the property spans 17,940 square feet and sits on the southeast corner of 21st and Arch streets. Adjacent to the east, Parkway Corp. is underway… Read more »
King of Prussia business leaders express cautious optimism as office occupancy in the growing suburban center continues to rise. According to CoStar data, occupancy in Upper Merion Township office buildings has reached 89.3%, the highest since tracking began in 2011. However, this rate excludes smaller buildings and owner-occupied spaces. CEO Eric Goldstein acknowledges the importance… Read more »
Parx Casino’s owner, Greenwood Racing Inc., bought two office buildings near the Bucks County gaming site for $12.5 million. The purchase, completed in February, includes Two and Three Greenwood Square at 3329 and 3331 Street Road in Bensalem. These buildings, part of the Greenwood Square Corporate Center, were constructed in the late 1980s and offer… Read more »
