Ensemble Investments Purchases Two Wayne Office Buildings

Ensemble Buys Wayne Offices

Ensemble Investments LLC is expanding its local reach outside of the Philadelphia Navy Yard, buying two top-tier office buildings in Wayne totaling 204,000 square feet. 

The Long Beach, California, real estate firm purchased 650 and 680 E. Swedesford Road from Prologis Inc. The latter picked up the buildings in its $13 billion acquisition of Liberty Property Trustin 2020. 

Ensemble Investments did not disclose how much it paid for the buildings. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Chubb Announces Plans for New Philly Office

Chubb new Office in Philly

Chubb, the world’s largest publicly traded property and casualty insurance company, today announced its plan for a new Philadelphia office that will occupy a state-of-the-art building to be constructed at 2000 Arch Street, reaffirming a commitment to the City of Philadelphia and the Commonwealth of Pennsylvania that can be traced to 1792. Designed with the highest standards for sustainability, the new 18-floor, 438,000 rentable square foot structure is being developed in partnership with Parkway Corporation. Construction will commence in February 2023.

*Article courtesy of CityBiz

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia Growth Remote Work

Office Space Philadelphia

It turns out people don’t decide where to live solely based on where they work, and that’s good news for Philadelphia’s coffers and the city’s small business recovery — at least for now.

“The core of the downtown, while not fully restored because [we’re still] missing 45% of office workers… is coming back relatively strongly,” said Paul Levy, president and CEO of the Center City District. “The tide is largely coming back.”

*Article courtesy of BillyPenn

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Alterra Property Group Nears Deal with Vacated Morgan Lewis Building

Alterra Nears Deal with Morgan Lewis

Alterra Property Group is nearing a deal to acquire 1701 Market St. with plans to convert the longtime Morgan Lewis & Bockius headquarters building into apartments, according to industry sources.

The 305,170-square-foot property in the heart of the Central Business District has been up for sale as Morgan Lewis plans to vacate the entire space and move five blocks west into a new 19-story building at 2222 Market St. in 2023.

The 18-story 1701 Market building is owned by an entity affiliated with LXP Industrial Trust (NYSE: LXP), previously known as Lexington Realty Trust. The New York company rebranded last year as it sheds its office portfolio to focus solely on industrial properties. 

Alterra declined to comment on 1701 Market. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Alterra Property Group to Acquire Previous Morgan Lewis Building

Alterra Property Group Philly

Alterra Property Group is nearing a deal to acquire 1701 Market St. with plans to convert the longtime Morgan Lewis & Bockius headquarters building into apartments, according to industry sources.

The 305,170-square-foot property in the heart of the Central Business District has been up for sale as Morgan Lewis plans to vacate the entire space and move five blocks west into a new 19-story building at 2222 Market St. in 2023.

The 18-story 1701 Market building is owned by an entity affiliated with LXP Industrial Trust (NYSE: LXP), previously known as Lexington Realty Trust. The New York company rebranded last year as it sheds its office portfolio to focus solely on industrial properties. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

CBIZ Relocates Office to West Conshohocken

CBIZ Relocates to West Conshohocken

CBIZ Inc. has signed a 10-year lease for 50,850 square feet in West Conshohocken with plans to relocate more than 200 employees from Plymouth Meeting.

The global accounting and financial services firm will become the largest tenant at Keystone Development & Investment’s 1K1 building at 1001 Conshohocken State Road, taking up the entire sixth floor and part of the fourth floor. 

Cleveland-based CBIZ (NYSE: CBZ) plans to make the move in the third quarter of 2023 and will have as many as 240 employees at the new location, company spokesperson Mark McGuriman told the Business Journal in an email. Of those, 15 to 25 will be new hires while the rest will move from the firm’s Plymouth Meeting office at 401 Plymouth Road.

McGuriman said CBIZ has outgrown its space in Plymouth Meeting. Though the 54,000 square feet the company currently occupies is slightly more than what it is leasing in Conshohocken, he said some divisions have had to be split between multiple floors. At the 1K1 building, CBIZ’s benefits and insurance divisions, as well as its accounting tax and advisory groups, will all be on the same floor.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Large Law Firm Leaving Cira Centre for One Liberty

Law Firm Leaving Cira Centre for One Liberty Philly

Holland & Knight has signed a seven-year lease to relocate to One Liberty Place from its initial Philadelphia home at Cira Centre. 

The firm will occupy the 32nd and 33rd floors, which equal just over 48,000 square feet, when it makes the move next year. 

Tampa-based Holland & Knight, one of the largest U.S. law firms with over 1,700 lawyers spread over 34 offices, entered the Philadelphia market in July 2018 when it lured almost 40 lawyers from Reed Smith over the course of that summer. It now has 60 lawyers in practice areas, with a deep presence in employee benefits/executive compensation, commercial litigation and financial services regulatory and transactional work but also capabilities in labor and employment, data privacy, real estate, environmental, trusts and estates, intellectual property and government relations.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Fast-Growing Swedish Software Company Chooses Philadelphia for U.S. Headquarters

Software - Philadelphia Headquarters

Younium, a software technology company headquartered in Sweden, has picked Philadelphia for the headquarters of its U.S. operations.

The company’s software helps manage various aspects of subscription-based businesses like invoices and billing, financial reporting and data insights. Younium currently has some 50 employees located across the globe, and expects its Philadelphia office to have a staff of five to start. The office is located in Cira Centre at 2929 Arch St.

Founded in 2017, CEO Niclas Lilja said the company has been growing quickly, to the tune of about 100% annualized revenue growth including a 150% increase last year. Now, Lilja sees Philadelphia as a part of its growth story moving forward.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Centre Square Owners Ask for Second Extension on Loan

Joint Venture in Philadelphia

The owners of one of Philadelphia’s most recognizable office complexes are looking for a second extension on a loan that has already been refinanced. 

A joint venture between New York’s Nightingale Properties and investment firm Wafra Capital Partners, which owns Centre Square at 1500 Market St., has asked to extend the maturity of a $368 million loan originated by JPMorgan Chase & Co., according to a commercial-mortgage-backed securities, or CMBS, report. Nightingale and Wafra bought the 1.8 million-square-foot, two-building Centre Square in 2017 for $328 million, or $187.47 a square foot. 

The loan was serviced by Midland Loan Services and then KeyBank National Association was later brought on as a special servicer. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Chubb Closes in on Deal for New 475,000 SF Center City Office Building

Chubb Ltd. Offices for Philadelphia

Chubb Ltd., the giant insurance company, is nearing a deal to move forward with a proposed 475,000-square-foot building at 2000 Arch St. that would eventually serve as its new Philadelphia offices, according to several sources familiar with the plan.

The company had been evaluating over the last four years or so whether to have a new office building developed for its Philadelphia operations. Those discussions were interrupted for various reasons including the pandemic but gained traction over the last year.

Chubb currently maintains its offices at 436 Walnut St., a 361,000-square-foot building it owns, and leases 140,000 square feet at the Washington, a neighboring office building. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.