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 »
Saul Ewing, a major tenant at the Centre Square office complex on 1500 Market St., is joining the trend of relocations. The law firm will move to 1735 Market St. to accommodate its hybrid work policy. The transition is expected in early 2026, with specifics about the new space still being finalized. Avison Young’s latest… Read more »
Philadelphia’s office market reflects a tale of two cities, showcasing pre-existing challenges and those emerging post-pandemic. For over a decade, the Philadelphia suburbs have struggled with high office availability rates, significantly exceeding historical averages. This surplus of office space has become the norm for suburban areas. Conversely, the abundance of available office space in the… Read more »
The iconic office property at Philadelphia Navy Yard is slated for a sheriff’s sale in June. Originally praised for revolutionizing workspaces when constructed for GlaxoSmithKline over a decade ago, the building at 5 Crescent Drive is now entangled in foreclosure proceedings due to the owner’s outstanding $85 million mortgage debt. *Article courtesy of Philadelphia Business… Read more »
Philadelphia officials anticipate a substantial decrease of approximately $1 billion in the total assessed value of office buildings throughout the city, attributed to financial challenges faced by property owners and escalating vacancy rates. Finance Director Rob Dubow highlighted the necessity of accounting for these declining valuations in Mayor Cherelle Parker’s proposed budget for fiscal year… Read more »
In late December, a lender assumed control of a four-building Philadelphia office portfolio, and discussions are underway for the potential sale of two of the properties. KKR Real Estate Finance Trust Inc. (NYSE: KREF), a subsidiary of New York-based alternative investment firm KKR, disclosed in its quarterly earnings filing with the Securities and Exchange Commission… Read more »
Frontier Development & Hospitality Group aims for “really prominent” food and beverage partners and a four-star designation for its redevelopment of the former Family Court building into a 215-key hotel, according to Managing Principal Evens Charles. The 247,196-square-foot structure at 1801 Vine St. is part of a broader development plan along the Benjamin Franklin Parkway…. Read more »
Philadelphia City Hall, with its iconic oversized William Penn statue, symbolizes the city. The SEPTA station beneath connects the transit network, and Dilworth Park’s family-friendly attractions are popular among tourists and locals alike. However, the offices adjacent to this beloved Second Empire structure face significant challenges. Data reveals that among the six private-sector office buildings… Read more »
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, the leading Philly commercial real estate broker with experience in Philly commercial real estate listings and services, now has available fully approved, build-to-suit Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA. The main building of this Philly medical space for sale or lease contains +/-… Read more »
