Discount Offer on Office Buildings

Discount Offer on Office Buildings

While office values plummet and vacancy rates reach record highs, developer Ori Feibush sees the buyer’s market as “the best real estate opportunities we’ve seen in our professional lives.” To demonstrate this, he recently acquired a five-story Old City building that’s 30% occupied, with plans to keep it as office space.

Feibush, president of OCF Realty, purchased the 136,000-square-foot office building at 399 Market St. from Colonial Penn Life Insurance for $14 million, a 38% discount from its assessed value of $22.6 million. He estimates the building would have been worth around $40 million before the office market’s decline in 2020.

*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.

Former GSK Building Fails to Sell

Former GSK Building Fails to Sell

The former GlaxoSmithKline office building at the Navy Yard failed to sell at a sheriff’s sale on Tuesday, adding another layer to its ongoing foreclosure saga. The 207,779-square-foot property at 5 Crescent Drive was put up for public auction on the Bid4Assets platform to satisfy a foreclosure judgment against owner Korea Investment Management Co. Ltd. However, the highest bid of $4 million fell short of the seller’s reserve amount set by Rialto Capital Management, the special servicer for a $78.5 million debt backed by the property and held by commercial mortgage-backed security (CMBS) investors.

*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.

Hamilton Lane, Growing Fast, to Open Center City Office

Hamilton Lane, Growing Fast, to Open Center City Office

Hamilton Lane will soon expand its presence by opening a Center City office at One Logan Square, complementing its relatively new headquarters in Conshohocken. The investment firm has secured an eight-and-a-half-year lease for 7,981 square feet on the 24th floor of the Brandywine Realty Trust-owned building at 130 N. 18th St. The move is scheduled for September. Co-CEO Erik Hirsch mentioned that this expansion reflects Hamilton Lane’s growing international footprint, with 14 of its 21 offices located abroad in countries such as Canada, Mexico, Israel, Australia, Europe, and Asia. The new space at One Logan will provide conference facilities for hosting events and meetings.

*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.

Developers are Considering Demolishing Center City Office Towers

Developers are Considering Demolishing Center City Office Towers

An increasingly pressing question looms over older office buildings in Center City: What fate awaits them? Some local developers speculate that aging, lower-quality high-rises might vanish from Philadelphia’s skyline. While demolition is a typical aspect of the real estate cycle, the prospect of dismantling 30-story office towers is both rare and striking. However, extreme situations can breed unconventional solutions.

*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 Office Building for Sale with Conversion Potential

Center City Office Building for Sale with Conversion Potential

A five-story Center City West office building is for sale, offering conversion potential in a rapidly developing area of Philadelphia. Owned by the American Red Cross, the 52,676-square-foot building at 2221 Chestnut St. includes 20 underground parking spaces and is situated between the central business district, Rittenhouse Square, and University City. Recently assessed at $12.2 million, the property could be converted into multifamily residential or life sciences lab space, according to JLL, the brokerage handling the sale. Located in a CMX-4 zone, it allows for mixed-use and up to 80,415 square feet by right, with potential expansion to 144,747 square feet with additional bonuses.

*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.

Mayor Wants All City Workers Back In Person

Mayor Wants All City Workers Back In Person

Mayor Cherelle Parker announced on Monday that she is mandating all city employees to resume in-person work five days a week. This new directive will take effect on July 15, requiring over 25,000 city workers to return to their job sites full-time. It echoes Mayor Parker’s earlier encouragements to employers throughout Philadelphia to increase the frequency of office attendance among their staff.

*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 Building in Center City for Sale, Ideal for Redevelopment

Office Building in Center City for Sale, Ideal for Redevelopment

A two-story office building in Center City, located at 2042-2048 Arch St. in Logan Square, is now available for purchase, presenting a prime redevelopment opportunity. Positioned between two notable projects, the property spans 17,940 square feet and sits on the southeast corner of 21st and Arch streets. Adjacent to the east, Parkway Corp. is underway with an 18-story, 438,000-square-foot headquarters for Chubb Insurance at 2000 Arch St., while to the west, MM Partners is transforming an eight-story, 121,500-square-foot office building into apartments.

*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.

King of Prussia Offices thrive; Center City Struggles

King of Prussia Offices thrive; Center City Struggles

King of Prussia business leaders express cautious optimism as office occupancy in the growing suburban center continues to rise. According to CoStar data, occupancy in Upper Merion Township office buildings has reached 89.3%, the highest since tracking began in 2011. However, this rate excludes smaller buildings and owner-occupied spaces. CEO Eric Goldstein acknowledges the importance of 2025 and 2026, as more pre-pandemic office leases are set to expire.

*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’s Sweeney Upbeat on Office Lease Prospects

Brandywine's Sweeney Upbeat on Office Lease Prospects

Less than a year after expressing frustration over slow leasing, Brandywine Realty Trust CEO Jerry Sweeney noted a surge in activity, citing the firm’s Philadelphia portfolio now being 94% leased. Despite challenges in commercial real estate, Sweeney highlighted the strong performance of the company’s Philadelphia portfolio during Thursday’s quarterly earnings call with investors. He attributed this success to Brandywine’s top-tier office spaces, emphasizing the ongoing trend of tenants migrating to higher-quality locations. Sweeney revealed that 55% of new leases signed in the first quarter of 2024 were due to tenants upgrading to superior 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 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.

Parx Casino Owner Acquires Two Bucks County Buildings for $12.5M

Parx Casino Owner Acquires Two Bucks County Buildings for $12.5M

Parx Casino’s owner, Greenwood Racing Inc., bought two office buildings near the Bucks County gaming site for $12.5 million. The purchase, completed in February, includes Two and Three Greenwood Square at 3329 and 3331 Street Road in Bensalem. These buildings, part of the Greenwood Square Corporate Center, were constructed in the late 1980s and offer a combined space of 106,575 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 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.