Audacy Subleasing Part of Philly HQ

Audacy Reduces Philadelphia HQ Footprint
Audacy is subleasing nearly half of its 65,000-square-foot headquarters at 2400 Market Street in Center City Philadelphia. The company is making about 32,400 square feet of space available as it adapts to hybrid work schedules and evolving office needs.
Despite the downsizing, Audacy will maintain its studios for six local radio stations and continue to operate its corporate headquarters in the same building. Its lease runs through July 2034, and Wexford Science & Technology is overseeing the sublease effort.
*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.

Private Buyers Take Lead in Philadelphia Office Market

The Philadelphia commercial office market has seen a significant shift in active buyers over the past 12 months, with private buyers and end users filling the void left by traditional institutional investors in the office sales market.

The Philadelphia commercial office market has experienced a major shift in buyer activity over the past 12 months, with private investors and end users stepping in as traditional institutional players pull back.

Private buyers now account for 66% of office sales, up from a 10-year average of 51%. This 15-point increase represents the most significant change in the market, highlighting how private investors are capitalizing on current conditions.

Industry observers suggest that this trend reflects the nimbleness of private buyers, who can act quickly in a volatile environment, seizing pricing opportunities that may not align with the stricter investment criteria and slower decision-making processes of larger institutional firms.

*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.

Asplundh Relocates Headquarters, Lists Willow Grove Site for Sale

Asplundh Relocates Headquarters, Lists Willow Grove Site for Sale

Asplundh Tree Expert Co. is relocating its longtime headquarters from Willow Grove to Horsham, marking a significant office move and expansion in the Philadelphia region.

The company signed a long-term lease to fully occupy a 120,000-square-foot building at 680 Blair Mill Road in Horsham, just a half-mile from its current site. The move represents a 28% increase from its existing 93,692-square-foot headquarters at 708 Blair Mill Road, which it has occupied since 1974. The Willow Grove property, spanning 13 acres, is now being marketed by Newmark as a prime redevelopment or repositioning opportunity.

The Horsham office, formerly occupied by UnitedHealthcare, has been vacant since Workspace Property Trust acquired it in 2015 from Liberty Property Trust as part of a portfolio deal.

Founded in 1928, Asplundh is a global leader in vegetation management and utility services, employing more than 36,000 people. The company reported $5.7 billion in revenue, ranking No. 115 on Forbes’ 2024 list of America’s largest private companies and No. 2 on the Philadelphia Business Journal’s list of top privately held companies by revenue.

*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.

Malvern Office Park Hits Market as Redevelopment Opportunity

Oracle's 111-acre Malvern office park hits the market

A major office campus in Malvern is being marketed for sale, presenting a significant redevelopment opportunity along the Main Line. The 111-acre Malvern Green property, located at 51 Valley Stream Parkway, consists of three office buildings and a data center totaling nearly 760,000 square feet.

All four buildings are currently occupied by Oracle, which took ownership of the site through its $28.3 billion acquisition of Cerner Health Services in 2022. Chester County records list Cerner as the property’s official owner.

Since the acquisition, Oracle (NYSE: ORCL) has been reducing and consolidating its office footprint nationwide, including former Cerner locations. In its 2024 annual report, the company disclosed that roughly 32% of its global office portfolio was either being subleased or marketed for disposition at the end of last year.

*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.

SEC Extends Philadelphia Lease Through 2035

Securities and Exchange Commission to retain Philadelphia

The federal government has scaled back its plans to significantly reduce its real estate holdings, opting to maintain two Securities and Exchange Commission offices that were previously slated for closure. Among them is the SEC’s Philadelphia regional hub, providing a notable boost to the city’s office market, which continues to recover from pandemic-related vacancies.

The General Services Administration has finalized a 10-year lease renewal for the SEC space at One Penn Center in Center City. The office, located at 1617 John F. Kennedy Boulevard, spans roughly 44,000 square feet and accommodates about 150 employees.

The SEC has operated from this location for more than a decade, and under the new agreement, its lease will run until August 2035. The decision reflects the government’s shift in strategy as it reconsiders widespread cutbacks to its office footprint nationwide.

*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.

Office Campus Near KOP Mall Sells for $68M

USLI HQ building near King of Prussia Mall sells for $68M

A three-building office complex in Wayne, just minutes from the King of Prussia Mall, has sold for $67.6 million. The campus, totaling 250,185 square feet, includes the properties at 1170, 1180, and 1190 Devon Park Drive.

Chicago-based Mesirow Sale-Leaseback Capital acquired the complex from M&H Properties of Wynnewood. The transaction reflects a price of $270 per square foot, only slightly higher than what the property commanded in a sale more than ten years ago.

Insurance provider USLI occupies the entire campus under a long-term lease, utilizing the site as its corporate headquarters. Mesirow has indicated that the property will remain dedicated to office use under its ownership.

*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.

Centre Square Hits Market Amid Foreclosure

Centre Square, Philadelphia’s largest office property, is being marketed for sale even as it remains tied up in an ongoing foreclosure case.

Centre Square, Philadelphia’s largest office property, is being marketed for sale even as it remains tied up in an ongoing foreclosure case.

Located at 1500 Market Street, just west of City Hall, the 1.76 million-square-foot complex includes the 36-story East Tower, the 43-story West Tower, and a 450-space parking garage.

Once one of the city’s premier office addresses, Centre Square now faces steep challenges: more than 1 million square feet sit vacant, driving occupancy down to just 36%. The property has been in receivership for over two years.

According to CMBS filings, Centre Square was appraised at $223.5 million in September 2024—less than half its pre-pandemic valuation of $471 million in 2019.

*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.

1818 Market Street Placed in Receivership

More than a year after a loan on the property came due, 1818 Market St. has been sent to receivership, joining a growing list of office properties in Philadelphia's central business district facing financial distress.

The 37-story office tower at 1818 Market Street has entered receivership more than a year after its loan matured, adding to the growing roster of financially distressed properties in Philadelphia’s central business district.

Court filings show owner Shorenstein Properties is in default on a $239.5 million commercial mortgage-backed securities (CMBS) loan tied to the nearly 1 million-square-foot building, located at 19th and Market streets.

On August 1, the Philadelphia Court of Common Pleas appointed Hilco Real Estate’s Matthew Mason as receiver for the property, marking another high-profile setback for Center City’s office market.

*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 Sells for $45.5M

The 29-story office building at 2000 Market St. has sold to a pair of out-of-state investors.

The 29-story office tower at 2000 Market Street has been acquired by a joint venture between New York-based CSB Holdings and Maryland-based Tide Realty Capital. The partnership purchased the 668,335-square-foot property for $45.5 million, or roughly $68 per square foot, according to Tide Realty Capital President Aaron Loeb.

Unlike many recent Center City transactions that have involved residential conversion plans, the buyers intend to continue operating 2000 Market strictly as an office property—making it the largest post-pandemic sale of its kind.

Currently 68% leased, the building’s tenants maintain a weighted average lease term of 5.5 years, providing stability as the new owners take over operations.

*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.

Morgan Properties Secures Approval for Major Conshohocken Office Expansion

Morgan Properties plans 2 new office buildings in Conshohocken

Morgan Properties has received approval to move forward with plans for two new office towers along the Schuylkill River, directly next to its recently established Conshohocken headquarters. On Monday, the borough’s Zoning Hearing Board granted the company zoning variances that clear the way for the development.

The project, to be built behind the existing Millennium office complex where Morgan relocated last year, will deliver a combined 304,000 square feet of office space. The proposal also includes two podium-style parking garages offering 1,196 total spaces.

*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.