1818 Market Street Nears Default as Owner Seeks Loan Renegotiation

1818 Market Street faces 'imminent' default as Center City office building's owner seeks to renegotiate $223M loan

The owner of 1818 Market St. is actively pursuing a renegotiation of the terms for a $223 million loan tied to the Center City property, just shy of two months before its March 9 maturity date. Originated by Barclays in 2021, the debt was subsequently sold to investors as commercial mortgage-backed securities (CMBS). San Francisco-based Shorenstein Properties, facing an imminent monetary default, submitted a loan modification proposal in December. This move followed the transfer of the loan to special servicer Rialto Capital, as detailed in the latest CMBS report.

Shorenstein acquired 1818 Market, previously known as Beneficial Place, from Sovereign Capital Management Group for nearly $185 million in 2015. The building was later renamed WSFS Bank Place in 2019 after WSFS acquired Beneficial Bank, becoming the 37-story office building’s largest tenant.

*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 and advisory 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.

Wanamaker building owner eyes residential shift amid 35% office occupancy

Wanamaker building owner explores residential conversion as office occupancy hits 35%

The owner of the iconic Wanamaker building contemplates transforming its office space into residential units due to ongoing tenant departures. Since the 112-year-old property entered receivership in September, Rubenstein Partners has been steering the future of this 1.4 million-square-foot site.

In a statement to the Philadelphia Business Journal, Rubenstein acknowledged the challenges within Philadelphia’s central business district and emphasized their commitment to finding a favorable direction while exploring alternatives for the office segment within the historic Wanamaker building.

*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 and advisory 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.

CHOP Extends King of Prussia Expansion with Acquisition of $24.5M Office Building

CHOP continues King of Prussia expansion with $24.5M office building purchase

Expanding its presence in King of Prussia, the Children’s Hospital of Philadelphia has acquired a 97,290-square-foot office building located at 460 N. Gulph Road for $24.5 million. This new property sits opposite CHOP’s recently constructed Middleman Family Pavilion and its accompanying specialty care center.

The acquisition was from UGI Corp., which had purchased the building in 1993 for $9.1 million. Earlier this year, it was reported that UGI Corp., an oil and natural gas company listed on the NYSE, would be relocating its headquarters half a mile away from 460 N. Gulph Road to 500 N. Gulph Road. This move was part of a trend toward superior-quality spaces, as the Brandywine Realty Trust-owned 500 N. Gulph Road underwent a significant $29.7 million renovation in 2019. While CHOP has acquired the five-story building at 460 N. Gulph Road, its specific plans for the property remain undisclosed.

*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 and advisory 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.

LevLane Relocates, Downsizes, and Joins Tenant Exodus from Wanamaker Building

LevLane Moves from Wanamaker Building to One Logan Square Amid Tenant Exodus

LevLane, a long-time resident of the Wanamaker building, has shifted its Center City headquarters to One Logan Square, reflecting the ongoing trend of businesses downsizing and seeking more appealing office spaces in light of the rise in hybrid and remote work arrangements.

This transition took place over the summer, and the advertising agency now occupies new offices at One Logan Square. Their new space measures 7,373 square feet, a significant reduction from the 13,914 square feet they had at the Wanamaker. LevLane had been located in the Wanamaker building since 2004.

*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 and advisory 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.

Analyzing the Impact of 1701 Market’s Discounted Sale Price on Center City Office Properties

Analyzing the Impact of 1701 Market's Discounted Sale Price on Center City Office Properties

We’ve recently learned the purchase price Alterra Property Group paid for 1701 Market St. last month, and it serves as a stark indicator of the declining value of office buildings in Philadelphia’s central business district.

The building, located at 17th and Market streets and soon to be vacant, was sold for $26.25 million according to public records. This amount represents only about half of its most recent assessed value. The surge in remote and hybrid work arrangements has led to a surge in vacancy rates in Philadelphia office buildings, resulting in a significant decrease in their market values. Even for a property like 1701 Market, which has long been regarded as the prime candidate for an office-to-residential conversion in Center City, the sale price was substantially lower than what it would have fetched just a few years ago.

*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 and advisory 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.

Center City District Report Identifies Philadelphia as a Leading City in Downtown Pandemic Recovery

Philadelphia ranks among top cities for major drivers of downtown pandemic recovery, Center City District finds

The two most influential factors affecting cities’ downtown recovery are industry mix and commute times, according to new research by the Center City District. That’s a positive sign for Philadelphia, which boasts a diverse mix of downtown land uses and a growing Center City residential population.

Center City District analyzed the downtowns of 26 cities across the country using anonymized cell phone data from Placer.ai to measure how populated each downtown is, comparing 2023 to pre-pandemic 2019.

Philadelphia ranked fifth in percentage of residents, workers and visitors in the downtown core in the second quarter this year compared with the second quarter of 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 and advisory 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.

Brandywine Plotting for Next Steps in Schuykill Yards

Brandywine CEO Jerry Sweeney 'reading economic tea leaves,' won't build next Schuylkill Yards tower on spec

With the first two ground-up buildings at Schuylkill Yards in their final stages of development, Brandywine Realty Trust is plotting its next steps for the third.

Philadelphia-based Brandywine (NYSE: BDN) is relaunching marketing efforts for its planned 800,000-square-foot East Tower at 3001 John F. Kennedy Blvd., but it’s waiting to begin construction until the building is at least 50% pre-leased and the company has confidence in market conditions.

*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 and advisory 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 Center Right Outside Philadelphia Has Office Availabilities

Kevon Office Center 2500 McClellan Ave Pennsauken NJ

Wolf Commercial Real Estate (“WCRE”) is delighted to announce that they have been appointed the exclusive leasing agent for the Kevon Office Center (“KOC”), situated at 2500 McClellan Avenue in Pennsauken, New Jersey.

Kevon Office Center was recently acquired by Alinea Capital Group, a private investment firm located in Philadelphia. Ownership has started a comprehensive capital improvement project to renovate the common areas and plans to customize the suites to future tenant’s needs.  KOC’s available units range from 1,065 to 12,430 square feet, including a first-floor suite with direct access from the parking lot.  Ownership has offered to make building signage available as part of an amenity package to a future Tenant who meets local ordinance guidelines.

The building is situated at the intersections of Route 70, Route 38 and McCellan Avenue, just a six-minute ride from Center City Philadelphia via the Ben Franklin Bridge.  This location provides easy access to major roadways including Routes 30, 38, 70 and 130.  Additionally, NJ Transportation Bus #406 stops at the corner of Route 70 and McCellan Ave, offering added transportation options to employees and clients.

KOC offers a remarkable opportunity for professionals seeking modern office spaces at very reasonable rates.  It has access to the scenic Cooper River walking and bike paths. Restaurants, retail, and strong corporate neighbors add to the amenities available to occupants at KOC.

“Having lived in Cherry Hill for over 30 years and passing this building on my way into Center City daily, I am very excited to add Kevon Office Center to our portfolio,” commented Ehud “Udy” Nahum, one of the new owners at Alinea Capital. “This property is extremely well-located and includes ample parking, two things you can rarely control as a real estate owner. We are well on our way to making strategic improvements here to help bring the building to its full potential for tenants and the community.”

“As the exclusive leasing agent for Kevon Office Center, we are excited to offer office users a well-located building with strong ownership in a prime location,” said Erin Warwick, Executive Vice President at WCRE. “We believe the new owner’s track record in previous holdings bodes well for the future success of this project and look forward to helping bring KOC back to full occupancy.”

For more information and to schedule a tour, please contact Erin Warwick via erin.warwick@wolfcre.com or Evan Zweben via evan.zweben@wolfcre.com at Wolf Commercial Real Estate.

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success.

Learn more about WCRE online at www.wolfcre.com.

Rodin Place in Philadelphia Has Multiple Office Suites For Lease

Rodin Place, 2000 Hamilton Street, Philadelphia, PA

Wolf Commercial Real Estate (WCRE) is thrilled to announce that it has been appointed as the exclusive leasing agent for the prestigious Rodin Place, located at 2000 Hamilton Street in Philadelphia, Pennsylvania.

Strategically nestled within the vibrant and culturally rich neighborhoods of Fairmount and the Art Museum of Philadelphia, Rodin Place stands as an exceptional destination for healthcare professionals seeking modern office spaces.

Designed with both functionality and aesthetics, Rodin Place offers contemporary, state-of-the-art medical office spaces ranging from 1,150 square feet to 6,503 square feet, that are ideally situated to accommodate a wide range of healthcare practices. This unique opportunity not only provides secure parking but also features 10 Tesla Supercharger stations. Additionally, the property is conveniently located in proximity of two national retailers, Target and Whole Foods, enhancing the overall accessibility and appeal of the location.

New medical office tenants at Rodin Place will join the esteemed establishments such as, Philadelphia Pediatric Dentistry, Advocare Fairmount Pediatrics & Adolescent Medicine, Wills Eye Physicians, Clementine Montessori and Neurabilities Healthcare, forming a dynamic and collaborative medical community.

“As the exclusive leasing agent for Rodin Place, we are excited to offer healthcare professionals a remarkable space that combines prime location with cutting-edge facilities,” said Todd Monahan, Executive Vice President and Managing Director at WCRE. “We believe this is a rare and unique opportunity for medical practitioners to establish prominent presence within an environment that fosters innovation and excellence.”

For more information and to schedule a tour, please contact Todd Monahan, Executive Vice President and Managing Director, at todd.monahan@wolfcre.com, or Bethany Brown, Vice President, via bethany.brown@wolfcre.com at Wolf Commercial Real Estate.

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success. For more information, visit our website, www.wolfcre.com.

Wanamaker Building in Receivership

Wanamaker building placed in receivership with $112M debt as lenders seek foreclosure and sale

The historic Wanamaker Building has been placed in receivership as one of Center City’s most recognizable office properties struggles to retain tenants and debtholders pursue foreclosure to satisfy a $112 million unpaid mortgage balance.

An emergency petition filed by Wilmington Trust N.A. for the appointment of a receiver was granted Sept. 6, according to filings with the Court of Common Pleas in Philadelphia. Wilmington Trust represents investors in the commercial mortgage-backed securities (CMBS) that comprise the debt backed by the property.

*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 and advisory 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.