MLP Ventures buys two more buildings in King of Prussia for $41.8M, plans to convert one into lab space

Center City Return to Work

MLP Ventures has acquired two office buildings at Renaissance Park in King of Prussia for $41.8 million, adding to the company’s real estate holdings in that part of Upper Merion. 

MLP bought 2201 Renaissance Blvd., a 133,880-square-foot building on 15 acres, for $27.9 million, or $208 a square foot, and 2100 Renaissance Blvd., a 98,726-square-foot building on nine acres, for $13.9 million, or $140 a square foot. 

The Newtown Square company bought the buildings in 2018 as part of a larger portfolio acquisition that involved seven properties. 

MLP, now based in Radnor, plans to relocate its headquarters and related companies into 2201 Renaissance. Purolite Corp. occupies 12,500 square feet in the building and MLP will fill out the remaining space. 

*Article courtesy of The 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.

Exclusive: GSK moving out of Philadelphia Navy Yard to smaller space at FMC Tower

Chubb Ltd. Offices for Philadelphia

GlaxoSmithKline is relocating corporate operations now based at the Philadelphia Navy Yard into FMC Tower at Cira Centre South in University City, joining the University of Pennsylvania and Spark Therapeutics in the building and bringing it closer to one of the city’s burgeoning life sciences hubs. 

The global pharmaceutical company will be leasing 46,000 square feet at the skyscraper and shrink from 207,779 square feet it occupies at a four-story building at Five Crescent Drive at the Navy Yard. Prior to the pandemic, GSK had 660 employees working each day from the Navy Yard and it expects up to 330 employees to work from FMC Tower.

GSK (NYSE: GSK) will occupy floors 16 and 17 at FMC Tower that Brandywine Realty Trust has occupied for the last four years as its headquarters. Brandywine will relocate into space that had been occupied by Dechert, a law firm, in Cira Centre. Brandywine, which built and owns FMC Tower and Cira Centre, declined comment. 

In 2011, GSK signed a 15-year lease on the Navy Yard building, which was designed for it, and completed its move there in early 2013. It was a big deal for the company when it decided to move to the South Philadelphia site and considered pioneering to relocate from offices it had been in for decades in Center City. 

*Article courtesy of The 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.

Premier Philly Office Space for Sale on Locust Street

1200 Locust Street Philadelphia PA

Wolf Commercial Real Estate, the leading Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is offering premier Philly office space for sale at 1200 Locust Street Philadelphia PA.

The property containing this Philly office space is in a four-story building and this Philly office building for sale at 1200 Locust Street Philadelphia PA is a fully built-out medical office building. This Philly office space for sale is in the heart of Center City Philadelphia and this Philly office space for sale is an income-producing property with a tenant already in place.

Please call for the asking sale price for this office space in Philly. This Philly office space for sale at 1200 Locust Street Philadelphia PA is being offered through Wolf Commercial Real Estate, a Philly commercial real estate broker with expertise in Philly commercial real estate listings and services.

This Philly office space for sale at 1200 Locust Street Philadelphia PA contains +/- 7,045 sf and this Philly office space for sale consists of one operating room along with multiple exam rooms and private offices as well as two reception areas. There also is an existing elevator shaft at this office space in Philly.

This Philly office building at 1200 Locust Street Philadelphia PA is available for sale through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services.

Nearly 77,000 people reside within a one-mile radius of this office space in Philly at 1200 Locust Street Philadelphia PA while the average household income in the same geographic area near this Philly office space for sale is $83,294.

For more information about the Philly office building containing this Philly office space for sale at 1200 Locust Street Philadelphia PA or about any other Philly commercial properties for sale, please contact Sean Kelly (856-630-5806; sean.kelly@wolfcre.com) or Phil Costa (215-799-6195; phil.costa@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

Wolf Commercial Real Estate is the foremost Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers.  Please visit our websites for a full listing of Philly commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

After 30 years in Chesterbrook, AmerisourceBergen opens new headquarters in Conshohocken

Chubb Ltd. Offices for Philadelphia

AmerisourceBergen Corp. has moved into its new headquarters in Conshohocken and exited Chesterbrook, where it spent the last three decades growing into what is now a Fortune 500 company with $189.9 billion in revenue. 

The 11-story, 429,122-square-foot office building at 1 W. First Ave. is part of Keystone Property Group’s $325 million Sora West mixed-use development that also includes a hotel and the conversion of an historic fire house into two restaurants. 

At its new headquarters, AmerisourceBergen (NYSE: ABC) consolidated the corporate offices it had at 1300 and 1400 Morris Road in Chesterbrook that totaled 190,000 square feet and space in Conshohocken, where it occupied 105,000 square feet in one of the Millennium buildings. 

For all of the consternation the pandemic cast over the future of the office, several Philadelphia-area companies tossed those worries aside and, like AmerisourceBergen, forged ahead with opening or planning new headquarters in recent months. 

For example, Myonex, a clinical trial supply company, completed a $20 million, 65,000-square-foot building in the Keith Valley Business Center and has room to expand; Hamilton Lane moved into its new headquarters in Seven Tower Bridge in Conshohocken though it was a floor smaller than originally planned; Morgan Lewis has a new headquarters under development in Center City; and Rite Aid Corp. announced it would relocate its headquarters into 23,500 square feet at the Philadelphia Navy Yard from Camp Hill. 

*Article courtesy of The 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.

Rite Aid Corp. to move HQ to Philadelphia Navy Yard

Rite Aid Corp. will relocate its headquarters to the Philadelphia Navy Yard, after having spent decades based in Camp Hill.

The company leased 23,500 square feet at 1200 Intrepid Ave. and will open what it is calling an “enterprise headquarters” as part of an effort to redefine how it envisions its employees working as a result of the pandemic. 

Rite Aid is moving to a “remote-first work approach for corporate associates, supported by a network of collaboration centers throughout the company’s geographic footprint,” the company said in a statement. “The reimagined workplace model focuses on flexibility for associates, while also creating an official headquarters space in Philadelphia designed specifically for in-person collaboration and company gatherings, rather than office spaces.”

The company has 2,800 corporate employees and a representative from Rite Aid said the number of people working out of the Philadelphia Navy Yard will fluctuate. The move will take place in the first half of 2022. 

“It’s a vibrant area and it’s an exciting place to be,” said Brad Ducey, a company spokesman. “It’s central and easy for employees, partners, clients.”

Rite Aid is No. 132 on the most recent Fortune 500 list. The company reported revenue last year of $24 billion.

*Article courtesy of The 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.

Fully Built-Out Philly Office Space for Sale in Center City

1200 Locust Street Philadelphia PA

Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is now offering Philly office space for sale at 1200 Locust Street Philadelphia PA.

This Philly office building for sale is housed in a four-story structure and this office space for sale in Philly is a fully built-out medical office building with one operating room, multiple private offices, multiple exam rooms, and two reception areas. Please call for information on the asking sale price for this Philly office building for sale at 1200 Locust Street Philadelphia PA.

A total of +/-7,045 square feet are available at this Philly office space for sale through Wolf Commercial Real Estate, a Philly commercial real estate broker.  This office space for sale in Philly at 1200 Locust Street Philadelphia PA is an income-producing property with an in-place tenant. Information about this Philly office building is available by request from Wolf Commercial Real Estate, the foremost Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

Located in the heart of Center City, this Philly office building for sale at 1200 Locust Street Philadelphia PA is steps away from the entrance to the 12th/13th and Locust stations of the PATCO High-Speed Line from New Jersey. There also is an existing elevator shaft at this Philly office building for sale.

There are nearly 77,000 residents living within one mile of this office space for sale in Philly at 1200 Locust Street Philadelphia PA and the average household income in that same radius of this Philly office building for sale is $83,294. This Philly office space for sale is available for immediate occupancy through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

For more information about this Philly office space for sale at 1200 Locust Street Philadelphia PA or about any other Philly commercial properties for sale or lease, please contact Sean Kelly (856-630-5806; sean.kelly@wolfcre.com) or Phil Costa (215-799-6195; phil.costa@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

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

 

Historic Center City building housing the Philadelphia Inquirer comes up for sale

An historic Center City building housing the Philadelphia Inquirer as well as three separate divisions of the General Services Administration has been put up for sale, and one estimate has it trading for upwards of $180 million. 

The Commonwealth of Pennsylvania is the largest tenant at the 13-story, nearly 700,000-square-foot property at 801 Market St. The state leases 222,844 square feet where it houses its department of general services.

In addition, the Division of Community Behavioral Health leases 142,459 square feet and three GSA tenants — Department of Health and Human Services, Housing and Urban Development and the Equal Employment Opportunity Commission — lease a combined 197,310 square feet. The Inquirer leases 89,485 square feet in a deal that runs through November 2024. 

*Article courtesy of The 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.

Highly Visible Philly Office Space for Lease in Havertown

500 E. Township Line Road, Haverford, PA

Wolf Commercial Real Estate, the leading Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is offering highly visible Philly office space for lease at 500 East Township Line Road Haverford PA.

Please call for the asking lease price of this office space for lease in Philly. This Philly office space for lease is being offered through Wolf Commercial Real Estate, a Philly commercial real estate broker with expertise in Philly commercial real estate listings and services.

This office space for lease in Philly at 500 East Township Line Road Haverford PA has availability consisting of +/- 12,000 sf. Roughly +/- 2,400 sf of this Philly office space for lease is being offered as a retail end cap. In addition, a drive-thru is available at this office space for lease in Philly.

This Philly office space for lease at 500 East Township Line Road Haverford PA is in a two-story building and this office space for lease in Philly is ideal for professional, retail, or medical users. There is excellent visibility to this Philly office space for lease from Township Line Road and this office space for lease in Philly is in a densely populated area

Close to retail and financial institutions as well as to restaurants and SEPTA mass-transit stations, this office space for lease in Philly at 500 East Township Line Road Haverford PA is just 10 miles from the Philadelphia International Airport and there is easy access to suck key local thoroughfares as Route 1, Route 30, Route 76, and Route 476 from this Philly office space for lease.

This Philly office space is available for lease through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services.

More than 607,000 people reside within a five-mile radius of this office space for lease in Philly while the average household income in the same geographic area near this Philly office space for lease is $72,878.

For more information about this office space for lease in Philly at 500 East Township Line Road Haverford PA or about any other Philly commercial properties for sale or lease, please contact Bethany Brown (856-857-6396; bethany.brown@wolfcre.com) or Todd Monahan (215-799-6145; todd.monahan@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

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

Two-Story Philly Office Building for Sale or Lease in Havertown

500 E. Township Line Road, Haverford, PA

Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, now has available Philly office space for sale or lease in a two-story building at 500 East Township Line Road Havertown PA.

This office space in Philly is ideal for professional, retail, or medical users and interested parties are asked to call for both the sale price and the lease price for this office space in Philly at 500 East Township Line Road Havertown PA. For additional details about this office space in Philly, please contact Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

There is both excellent visibility and ample signage at this Philly office space for sale or lease at 500 East Township Line Road Havertown PA. In addition, this office space in Philly offers easy access to Route 1, Route 476, Route 30, and Route 76, and it is only 10 miles to Philadelphia International Airport from this office space in Philly.

This Philly office space for sale or lease at 500 East Township Line Road Havertown PA is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

Nearly 608,000 potential customers live within a five-mile radius of this Philly office space for sale or lease at 500 East Township Line Road Havertown PA through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.  The average household income in the same five-mile radius of this Philly office space for sale or lease is $72,878.

For more information about this Philly office space for sale or lease at 500 East Township Line Road Havertown PA about any other Philly commercial properties for sale or lease, please contact Bethany Brown (856-857-6396; bethany.brown@wolfcre.com) or Todd Monahan (215-799-6145; todd.monahan@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

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

 

 

More Center City Office Landlords are Seeking Refuge in Lab Space Conversions

The owner of a 120,000-square-foot office building on Chestnut Street is willing to spend more than $40 million to convert it into lab space in a play to attract life sciences companies and fill its pending vacant space.

Rebranded as 2323 Chestnut St., Miller Investment Management is marketing the building long known as 2301 Chestnut St. for redevelopment into lab and related manufacturing space. Its plans entail retrofitting existing space into labs and extending the structure by two stories, adding another roughly 44,000 square feet to it.

Longtime tenant Jacobs Engineering, which has occupied the building in one iteration or another for the last two decades, is expected to leave in January 2022 when its lease expires, leaving Miller with few options to backfill it. In a market where demand for office space continues to decline, landlords are scrambling to find ways to fill empty space and making a play for life sciences tenants has become the most popular pivot.

The building at 2323 Chestnut joins a growing list of buildings in Center City looking at this option. So far, eight buildings with a total of more than 1.7 million square feet are being repositioned to attract life sciences companies.

*Article courtesy of The 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.