Office Park Sells for Less than Previous Sale Price

Office Park Sells for Less than Previous Sale Price

A New York real estate firm has purchased the five-building Lindenwood Corporate Center in Malvern for $23.1 million, according to property records – a 42% drop from its last sale in 2021. The 280,025-square-foot campus on Lindenwood Drive was acquired by an entity tied to Time Equities Inc. from Utah-based Bridge Investment Group.

The deal breaks down to just over $82 per square foot. Bridge Investment Group bought the property for $39.6 million in 2021, or about $141 per square foot, underscoring a sharp decline in office property values.

Time Equities continues to expand its regional footprint, with other holdings including the 96,000-square-foot office building at 51 Haddonfield Road in Cherry Hill, three buildings totaling 221,100 square feet at Glenview Corporate Center in Bensalem, and the 45,510-square-foot Northbrook Corporate Center in Trevose.

*Article courtesy of Philadelphia Business Journal

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

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

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

New Apartments Coming to Center City

New Apartments Coming to Center City
Over 1,100 apartments are being developed in Center City through office-to-residential conversions. These projects address two of Philadelphia’s most urgent challenges: a high office vacancy rate and a constrained housing supply.
By repurposing underutilized office space, these conversions are helping to stabilize the vacancy rate below 20% while adding much-needed housing inventory. The trend reflects a broader shift in the market, as companies gravitate toward high-quality office space, leaving older Class B and C buildings behind.
The rise in conversions also aligns with Center City’s growing residential population. According to data, the population from Vine to Pine Streets and between the Delaware and Schuylkill Rivers increased each year.
With daily foot traffic now reaching 90% of pre-pandemic levels, this residential growth is helping to offset the decline in traditional office occupancy, reinforcing Center City’s resilience and long-term vitality.

*Article courtesy of Philadelphia Business Journal

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

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

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

One South Broad Listed for Sale Ahead of Loan Deadline

One South Broad Listed for Sale Ahead of Loan Deadline

The half-vacant One South Broad office tower in Center City is up for sale as its owner, Aion Partners, nears the end of an extended mortgage forbearance.

The 25-story, 463,988-square-foot property—home to Insomnia Cookies’ headquarters—is being marketed by Newmark as a lease-up or residential conversion opportunity. Aion secured a two-year CMBS loan extension in 2023 to avoid receivership, but a recent servicer note indicates the forbearance ends June 1, ahead of the loan’s maturity in September 2025.

A sale of the 93-year-old building could offer a path forward.

*Article courtesy of Philadelphia Business Journal

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

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

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

2000 Market Street Office Tower Hits the Market

2000 Market Street Office Tower Hits the Market

The 29-story, 668,335-square-foot office tower at 2000 Market St. is officially for sale — a move that could serve as a bellwether for post-pandemic office valuations in Philadelphia’s central business district. New York-based owner Nahla Capital has listed the property, which is currently 68% leased. According to CBRE listing agent Jerry Kranzel, early interest suggests that buyers believe the building can remain viable as an office asset in the heart of Center City.

Nahla Capital acquired the tower in 2018 for $126.4 million. Occupancy had hovered around 90% in recent years but dropped significantly after law firm Fox Rothschild vacated 133,537 square feet last fall, relocating across the street to Two Commerce Square at 2001 Market St. While Kranzel declined to disclose a target sale price, he acknowledged the property is expected to sell at a “significant discount” compared to its 2018 valuation.

The building’s largest tenant is law firm Marshall Dennehey, which renewed its lease in January while reducing its footprint by 10%, and now occupies 120,462 square feet. The second-largest tenant is the Board of Pensions of the Presbyterian Church, leasing 77,000 square feet.

*Article courtesy of Philadelphia Business Journal

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

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

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

401 Market Owner Seeks Loan Discount After Occupancy Drops to 28%

401 Market Owner Seeks Loan Discount After Occupancy Drops to 28%

The owner of 401 Market St. is seeking a discounted payoff on its $52 million debt after Wells Fargo’s exit left the building 28% occupied and pushed the loan into special servicing. With the loan maturing in October, Miller Investment Management hopes to negotiate a deal, highlighting the declining value of Philadelphia’s older office buildings.

The loan was transferred to special servicing in October when Wells Fargo’s 349,770-square-foot lease expired. A March CMBS report confirms Miller’s intent to settle for less than the balance due, pending approval from special servicer Rialto Capital and CMBS investors. Without a deal, foreclosure could result in a sale at a steep loss, said Sarah Helwig, VP at Morningstar Credit.

*Article courtesy of Philadelphia Business Journal

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

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

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Philly Leads Nation’s Office Recovery

Philly Leads Nation's Office Recovery

Philadelphia stands out as the most stable office market among the 15 largest U.S. markets heading into spring, with a year of occupancy gains bringing its office availability rate to 14.1%, the lowest in the nation, just ahead of Minneapolis at 14.2%.

While most major markets struggle with rising vacancies, Philadelphia is one of only three experiencing positive absorption—more space occupied than vacated—alongside Dallas-Fort Worth and New York. The region recorded 1.2 million square feet of net absorption over the past year, a 0.4% increase in inventory, outpacing the national recovery. In contrast, most top markets saw losses of 1 to 3 million square feet, with Boston and San Francisco suffering absorption rates of -1.6% and -1.4%, respectively. Unlike cities burdened by oversupply, Philadelphia’s limited speculative development in the 2010s helped shield it from the challenges facing markets like Boston.

However, obstacles remain. The region still has 11.3 million square feet more available office space than in early 2020, and economic uncertainty may impact its momentum in 2025.

Still, Philadelphia’s steady absorption signals resilience. Anchored by education, healthcare, and government sectors—industries less affected by remote work—the city remains better positioned than tech-heavy markets like San Francisco, where office demand continues to decline.

*Article courtesy of Costar

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

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

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Developer Purchases Center City Building for Potential Apartments

Developer Purchases Center City Building for Potential Apartments

An entity affiliated with Eclipse Development, a new Philadelphia firm, has purchased a Center City office building from the American Red Cross for $7.2 million. The five-story, 52,676-square-foot property is located at 23rd and Chestnut Streets. Eclipse plans to explore options, including leasing office space short-term for up to two years before converting the building to multifamily use or redeveloping it into a new multifamily project. The property was last assessed by the city at over $12 million.

*Article courtesy of Philadelphia Business Journal

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

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

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Duane Morris Trims Office Space By Nearly 20%

Duane Morris Trims Office Space By Nearly 20%

Duane Morris has renewed its long-term lease at Duane Morris Plaza, downsizing by 45,000 SF as part of a broader trend of law firms reducing office space. The Philadelphia-based firm will shrink its footprint at the Center City tower from 241,022 SF to 195,757 SF, a 19% reduction, consolidating from seven and a half floors to six.

This follows a 2022 space reduction, bringing the firm’s total cutback to 25% from its original lease. The renewal includes 183,000 SF of office space and the 12,000 SF Morris’ Café. Building owner Oaktree Capital Management is upgrading the lobby and systems, while Duane Morris plans a full renovation of its space, set to begin in the fall and take 18 months. The firm’s previous lease was set to expire in March 2026.

*Article courtesy of Philadelphia Business Journal

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

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

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Elon Musk’s DOGE Cancels 20 Philly Office Leases

Elon Musk's DOGE Cancels 20 Philly Office Leases

Elon Musk’s Department of Government Efficiency (DOGE) is scaling back the federal real estate footprint, putting office space in Greater Philadelphia on the chopping block. According to a list posted on the DOGE website Monday, nearly 20 government leases in the region have been canceled, totaling approximately 183,000 square feet and over $4.93 million in annual value. Affected properties span Philadelphia, Montgomery County, South Jersey, and northern Delaware. The largest terminations in Philadelphia include a 44,765 SF lease for the Securities and Exchange Commission at One Penn Center (1617 JFK Blvd.) and a 43,000 SF lease for the Department of Education in the historic Wanamaker Building (100 E. Penn Square).

*Article courtesy of Philadelphia Business Journal

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

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

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

First Class Office For Sublease In Philadelphia

1700 MARKET STREET, PHILADELPHIA, PA

Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 1700 Market Street, Philadelphia, Pennsylvania 19103.  The Philadelphia property is available for sublease.

The property contains +/- 6,044 square feet, which could be utilized by retail and office users.

Features of 1700 Market Street

The sublease at 1700 Market Street, Philadelphia, Pennsylvania, is available through January 31, 2029 on the southeast corner of the 31st floor. This beautifully designed, high-tech workspace features a well-appointed reception area, a large 10-seat conference room, two private phone rooms, and a spacious open kitchen with an island. Additionally, the space is outfitted with 47 workstations and boasts spectacular city views.

1700 Market Street offers top-tier amenities, including 24-hour access, a fitness center with shower facilities, bicycle storage, a roof terrace, daycare services, on-site dining options, and banking services. Conveniently located just two blocks from Rittenhouse Square, three blocks from City Hall, and steps from Suburban Station, this location provides easy access to public transportation, parking garages, and countless restaurants and retailers.

For more information about the lease price or a tour of the office site, please contact Todd Monahan, Managing Director & Executive Vice President, at (215) 799 6145 or via email todd.monahan@wolfcre.com and Joe Fox, Vice President, at (215) 799 6900 or via email joseph.fox@wolfcre.com. To review the brochure, please click here.

Wolf Commercial Real Estate is a full-service CRE brokerage and advisory firm with a full range of commercial real estate listings and services. The firm handles a variety of properties including medical, office, industrial, retail and investment. WCRE represents buyers, landlords, investors, tenants and sellers and also provides property management services. For a full list of buildings and suites that are available for sale or lease, visit www.wolfcre.com.