Posts Categorized: Philly Office Space

Prominent Center City Buildings Face Possible Default

3 Center City office buildings face possible default as tenants leave, loans come due

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. Moving Out of Philly Wanamaker Building

Digitas Inc. moving their office out of the Philadelphia Wanamaker building

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 »

After 46 Years, Fox Rothschild is Relocating Center City Office

Fox Rothschild Relocating in Center City after 46 years

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 »

Independence Health Group Looking to Sublease Center City Office

Independence Health Group looks to sublease up to 224,000 square feet of office space in Center City

Independence Health Group is looking to sublease a large portion, if not all, of the 224,000 square feet of office space it leases at 1900 Market St. across from its Center City headquarters.  The region’s dominant health insurer has used the space primarily for its AmeriHealth Administrators affiliate. The third-party health plan processor of more… Read more »

WCRE Completes Sublease for ReachMobi

701 Market Street Philadelphia PA

WCRE is proud to have exclusively represented ReachMobi, in the subleasing of 10,500 square feet of office space located at the The Lits Building, 701 Market Street, Philadelphia, Pennsylvania from Five Below, in their corporate headquarters. ReachMobi develops apps that enable end users to be more efficient, operate their devices more simply and connect to… Read more »

Comcast Requiring Employees to Work In-Office

Comcast Corp. will begin requiring employees to come into the office four days a week beginning in mid-September.

Comcast Corp. will begin requiring employees to come into the office four days a week beginning in mid-September, according to a source with knowledge of the company’s plans.  One of the region’s largest employers, Comcast (NASDAQ: CMCSA) had previously required some 8,000 Philadelphia employees to work in-person three days a week on Tuesday, Wednesday and… Read more »

Center City Office Building Back Up for Sale

801 Market St. in Center City Philadelphia back up for sale

A historic building on Market Street in Center City is up for sale. Again.  The property for sale at 801 Market St. includes 11 stories of office space, or 703,466 square feet. The portion of the building for sale consists of floors three to 13. The building was built in 1931, renovated in 2002 and… Read more »

Center City West is No Longer Considered a ‘Wasteland’

Center City Philly No Longer Wasteland

As Parkway Corp. CEO Rob Zuritsky stood along John F. Kennedy Boulevard between 21st and 22nd streets surveying the neighborhood, he pointed to a number of development sites that are changing the face of the western edge of Center City. Nearby, construction equipment was scattered on once empty lots, where soon looming structures will rise.  Like the… Read more »

Brandywine Realty Trust capitalizing on tenants’ flight to quality

Brandywine Realty Trust capitalizing on tenants' flight to quality

Despite challenges in the office market, Brandywine Realty Trust CEO Jerry Sweeney believes his company is well positioned moving forward because of the high quality of its buildings and shifting portfolio. In-person tours of Brandywine (NYSE: BDN) properties were up 40% in the first quarter compared with the same timeframe in 2022 and up 27%… Read more »

Morgan Stanley Extends Office Lease in Downtown Philly

Morgan Stanley's Philadelphia Office Extends Lease

Global financial services firm Morgan Stanley renewed the lease for its office space in downtown Philadelphia’s One Liberty Place. The lease covers Morgan Stanley’s 31,000-square-foot space on the 42nd floor at 1650 Market St., a 61-story office tower owned by Chicago-based Metropolis Investment Holdings Inc. *Article courtesy of Costar For more information about Philadelphia office space… Read more »