Space at 801 Market St. housing new Giant Heirloom Market sells for hefty profit

An entity affiliated with Alterra Property Group has sold a commercial condominium housing a new Giant Heirloom at 801 Market St. in Philadelphia for $21.63 million. 

The entity, 801 Market Partners LLC, sold the 32,000-square-foot space to Realty Income Trust of San Diego (NYSE: O). 

*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.

WCRE Completes/-3,468 SF Office Space in Philadelphia

Center City Return to Work

WCRE is proud to have exclusively represented Sadek & Cooper, in the leasing of 3,468 square feet of office space located at Two Penn Center, 1500 JFK Blvd., Philadelphia, PA from Crown Two Penn Center Associates, LLP an entity controlled by ASI Management.

Sadek & Cooper is a multi-disciplinary law firm specializing in both Family Law and Bankruptcy. Sadek & Cooper offers an array of services to individuals who are seeking bankruptcy solutions to their debt problems. Their lawyers provide individuals a meticulous analysis of their client’s options in numerous areas; Chapter 11, Chapter 13, Mortgage Foreclosure, Student Loan Debt Relief, Tax Foreclosure and related areas of debt relief.

Two Penn Center is a Class “A” twenty story, 540,000 square foot office building at 1500 JFK Blvd.  Two Penn is directly across the street from Love Park providing tenants direct access to the recently renovated and iconic Philadelphia Park.  Two Penn also sits directly above Suburban Station and offers direct access to the Concourse, allowing employees to make the trip from desk to train in 5 minutes or less.  Built in 1960, Two Penn has undergone major renovations to the lobby and common areas and is professionally maintained.  Two Penn has numerous tenants who provide professional services in the fields of law, financial services, marketing and technology.

Todd Monahan, Executive Vice President and Managing Director at WCRE exclusively represented the tenant in this transaction.

Rawle & Henderson to relocate Philadelphia headquarters, reduce its office space by half

Chubb Ltd. Offices for Philadelphia

Rawle & Henderson will cut its office space in half when it relocates its Philadelphia headquarters from the Widener Building to 1500 Market St. next year. 

The venerable litigation defense firm has been located in the Widener Building at 1339 Chestnut St. since 1989. It will be moving into parts of two of the six floors vacated at 1500 Market by mortgage insurer Radian Corp. (NYSE: RDN).

Rawle will be taking all of the 19th floor (28,009 square feet) and part of the 20th (8,187 square feet) for a total of 36,196 square feet. That compares to 69,420 square feet it currently occupies at the Widener Building. 

The move will take place when the firm’s current lease expires in April 2023. It plans to sublease space from Radian, beginning May 1, 2023 and ending July 31, 2032. That is the remainder of Radian’s lease agreement at 1500 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.

Rubenstein Partners makes headway on $50M Chesterbrook repositioning

Three years after buying Chesterbrook corporate park and its 1.1 million square feet of office space, Rubenstein Partners is making progress on a $50 million repositioning of the suburban campus. 

The Philadelphia real estate firm spent $10 million converting a vacant, 41,331-square-foot office building at 851 Duportail Road to house a fitness center, conference space, game room, café, indoor and outdoor lounge areas, and coworking. It is among the biggest additions under its plan to upgrade and lease vacant space in the office park. 

*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.

Brandywine Realty puts 1900 Market St. up for sale

Chubb Ltd. Offices for Philadelphia

Ten years after buying 1900 Market St. in Philadelphia for $34.8 million, Brandywine Realty Trust has put the 456,922-square-foot building up for sale. The building, which is fully leased, could potentially trade for an estimated $200 million. 

The 8-story building will test investor interest in Center City office buildings, an asset class that has lost some luster during the pandemic for a variety of reasons including general uncertainty of future office use and downtown vibrancy. Many investors have also turned their attention to life sciences, industrial and multifamily 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.

Four-Story Office Space for Sale in Philly on Locust Street

1200 Locust Street Philadelphia 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 in a four-story building at 1200 Locust Street Philadelphia PA.

Please call for the asking sale price of this office space for sale in Philly at 1200 Locust Street Philadelphia PA. For additional information, contact Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This Philly office space for sale at 1200 Locust Street Philadelphia PA is in the heart of Center City Philadelphia. In addition, this office space in Philly is an income-producing property with a tenant currently in place.

The medical facilities available at this Philly office space for sale at 1200 Locust Street are an operating room, multiple private offices, multiple exam rooms, and two reception areas. Also ideal for professional offices, this Philly office space 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 77.000 Philadelphians live within a one-mile radius of this Philly office space for sale at 1200 Locust Street Philadelphia 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 office space for sale in Philly is $83,294.

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, 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, office properties, industrial properties, land properties, medical 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 through our Philly commercial real estate brokerage firm.

Philadelphia Electrical & Technology Charter School buys former United Way building on Parkway

Charter School, Philadelphia

Philadelphia Electrical & Technology Charter School has paid just over $14 million for 1709 Benjamin Franklin Parkway in Center City and is spending roughly the same amount to renovate the 68,000-square-foot building in time to move in this fall.

The seller was Pearl Properties, a Philadelphia real estate company that bought the building from the United Way in 2018 for $10.85 million.

*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.

Brandywine Realty joint venture closes on $383M deal for IRS-leased building in University City

Brandywine Realty Trust has closed on a $383 million joint venture with two investors to purchase Cira Square, an 863,000-square-foot building in the University City neighborhood of Philadelphia that is leased to the Internal Revenue Service through 2030. 

Aside from Brandywine, the investors were not disclosed in Brandywine’s first quarter results late Wednesday but sources say one of them is MSD Partners, a New York firm that oversees investments for Michael S. Dell, the billionaire founder of computer giant Dell Corp., as well as other investors. 

*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.

New York firm seeks more Philadelphia deals and pays $13.5M for prime Walnut Street building

A New York real estate firm, has acquired 1512 Walnut St., one of Philadelphia’s premier High Street properties, for $13.5 million. 

This is the second investment in Philadelphia for Six Acre, which was formed two years ago by Mark Lansman and Jake Borden in New York with plans to eventually relocate the firm to Philadelphia. Six Acre is working with a New York-based family office referred to as JGS Keystone, which is funding Six Acre to find and buy core and core-plus properties in prime locations in Philadelphia and eventually in its suburbs, Lansman said. Once a property is acquired, it is held by the family for the long-term. 

*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.

Center City Philadelphia and the Return to Office

Center City Return to Work

As the Covid Pandemic begins to subside, many questions about how we work and from where remain unanswered.  Will total demand for space decline and if so to what degree?  How do employers retain valuable employees, provide the flexibility employees are demanding, while maintaining productivity? As employees return to work, will employers change the way space is designed, perhaps providing fewer dedicated offices and workstations? Or instead, will employers create more open, collaborative dynamic spaces, knowing most of the heads down quiet work will be performed at home or elsewhere?  How do HR departments create policies and solutions allowing them to recruit and retain talent in one of the most competitive job markets in recent memory, without alienating or disenfranchising long term employees?  Lastly, will dense urban office markets like Center City Philadelphia rebound to pre-pandemic levels, or will a reduction in demand create unhealthy markets with declining rents and over leveraged properties unable to compete?

Currently the Center City Philadelphia market is showing resilience and strong signs of life, despite the fact that daily headcounts in major downtown office towers remain below an average of 30%.  Tenants continue to pay their rent obligations and Landlords have yet to feel a major impact on their assets.  Rents have held firm, although Tenant Improvement Allowances and free rent concessions have increased 10-15%.  The Philadelphia CBD is currently 15% vacant.  Anything below a 10% vacancy rate becomes a Landlord’s market, where Tenants (Employers) have little leverage.  10-12% is a more balanced market.  So at 15%, conditions have softened slightly but not to any alarming point.  There is activity, demand for new space and leases are getting signed.  In fact, over 1M sq. ft. of office requirements are in the market seeking solutions. There are several significant subleases on the market with lease expirations beyond 5 years, but that is often the case in markets with less certainty.  There are also many small and short term subleases on the market where it is unclear whether the Tenant will let the lease expire turning that space into additional vacancy, or will they retain the space if the sublease exercise proves unsuccessful, so they still have an office for employees to return to several days a week.

As major employers such as Comcast, Independence Blue Cross and others, begin bringing people back to the office, many of these questions will get answered over time.  But bringing people back has not proven easy, as Covid variants emerge and employees show a reluctance to return to long days of commuting, riding mass transit, paying to park, etc.  Some employers are offering incentives to bring employees back, offering to pay for their monthly SEPTA pass, free in-house catered lunches, gym memberships and the like.   Clearly employers want people to return at least several days per week, critical to maintain culture, collaborate, innovate and train young talent.

Many people have predicted the demise of cities throughout history.  From the fall of Ancient Rome, the Cholera Epidemic in London, the horrible conditions of NYC in the 1970’s, and after 9-1-1, many naysayers said people will leave cities in droves.  We are hearing the same negative prognostications now, that cities are in trouble.  But cities exist for a reason.  Human beings are social animals, we yearn for face to face interactions, spontaneous meetings and engaging with focus.  New uses also emerge.  Philadelphia was once full of factories which no longer exist.  We adapt and reuse.

That is occurring now as an explosion in demand for lab and life science space has emerged.  The Gene & Cell therapy research emanating from CHOP and Penn has spurred incredible demand for lab space.  Several office buildings have already converted some space to meet this demand, such as Brandywine’s Blabs at Cira and the Cutis on Washington Square.  Make no mistake, Center City Philadelphia will come back, adapting and responding to changes in employee living patterns and new and exciting uses for office space.

For more information about Center City Philadelphia Trends and properties for sale or lease located in the Philadelphia region, contact Todd Monahan, Managing Director and Executive Vice President for Wolf Commercial Real Estate (WCRE) at todd.monahan@wolfcre.com or 215-799-6145. WCRE is a full service commercial real estate and advisory firm headquartered in South Jersey. The firm provides various services such as; tenant and landlord representation, property management, buyer representation, owner representation, appraisal and advisory evaluation and corporate lease portfolio management. Wolf Commercial Real Estate specializes in office, industrial, retail, multi-purpose, healthcare, educational, investment and government properties. To search our available listings for sale or lease in the Philadelphia and South Jersey regions, head to www.wolfcre.com.