Premier Philly Office Space to Sublease Across from City Hall

Wolf Commercial Real Estate, the leading Philly commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services, is offering prime Philly office space to sublease across from City Hall in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA.

The asking sublease price for this office space in Philadelphia is $28.00/sf full service; this is a recent reduction of $3.00 per sf. This Philly office space to sublease is being offered through Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philly commercial real estate listings and services.

This Philly office space has 2,488 sf of Philly office space available to sublease. Prospective tenants will find four furnished private offices at this Philadelphia office space to sublease. This Philly office space to sublease also has a large conference room and an open common area. There also is a kitchenette in the suite of this Philly office space to sublease.

This Philadelphia office space to sublease in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA is in a 20-story, Class A office building and there is more than 500,000 sf total office space in Philly at this location. The lease term on this office space in Philadelphia expires on June 30, 2022.

This Philadelphia office space to sublease in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA has access to the Suburban Station Regional Rail concourse beneath the building and to the nearby Love Park parking garage. This Philly office space to sublease also is conveniently located near I-676, I-76, I-95, Septa, and PATCO.

This Philly office space is available to sublease through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services.

Nearly 74,000 people reside within a one-mile radius of this office space in Philadelphia while the average household income in the same geographic area near this Philly office space to sublease is $80,557.

For more information about this Philly office space to sublease in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA or about any other Philadelphia commercial properties for sale or lease, please contact Ty Martin (215-799-6144; ty.martin@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philadelphia commercial real estate listings and services.

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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philadelphia commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

Independence Blue Cross tower in Center City goes under contract 

At the height of the coronavirus pandemic, Piedmont Office Realty Trust has managed to get 1901 Market St. under agreement for $360 million.

Known better as the headquarters for Independence Blue Cross, the 45-story, 801,000-square-foot office tower was put on the market in late February and was expected to trade for an estimated $370 million. Piedmont said in a statement that it entered into a binding contract to sell the building for $360 million. The sale is supposed to close this summer, the company said.

No additional information was available, including the name of the prospective buyer.

If the building sells at $360 million, or roughly $450 per square foot, it will be one of the top transactions for a Philadelphia office building on a per-square-foot basis. However, it wouldn’t break the record of $628 per square foot set by the 2018 sale of GlaxoSmithKline’s headquarters at the Philadelphia Navy Yard.

The building was developed in 1987 for Independence Blue Cross, which has a long-term lease on the space until 2033. It has two 10-year options to remain in the space.

The pending deal highlights how some investors continue to scout for deals during the pandemic, and underscores the attractiveness of top-tier properties leased to big-name tenants over the long term.

Piedmont, an Atlanta-based real estate investment trust, bought the building in 2003 for $174 million and in recent years invested $100 million to upgrade the lobby, build out an outdoor plaza and install new mechanical systems. The real estate company also renovated the building’s floors to a more contemporary style and added cafés and other gathering areas.

Atlanta-based Piedmont (NYSE: PDM) focuses on acquiring buildings leased on a long-term basis and most often to single tenants. This is the only building the company owns in Philadelphia and its focus has shifted to the Sunbelt markets of Atlanta, Orlando and Dallas. It said on a Feb. 5 fourth-quarter earnings call that it planned to dispose of 1901 Market and use the “anticipated gain” from the sale of the building to help fund a $400 million acquisition in Dallas, which will become its second-largest market based on revenue.

*Article courtesy Philadelphia Business Journal

For more information about Philly 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.

Bucks County office complex sees flurry of leases, nears full occupancy

Biohaven Pharmaceuticals Inc. has leased 21,000 square feet at Makefield Crossing to establish a new, Philadelphia-area presence, and is part of several other deals signed at the Bucks County office complex that chips away at its vacancy.

Ten deals totaling nearly 100,000 square feet were signed at the Bucks County office complex, bringing its occupancy to the low 90% range. When Rubenstein Partners bought the eight-building in 2018 the 467,000-square-foot property was nearly 80% occupied.
Rents have also been on the rise as occupancy has risen. Deals are being signed in the low to mid-$30s a square foot compared with the mid- to high $20s a square foot, said Lou Merlini, a vice president at Philadelphia-based Rubenstein Partners.
Rubenstein has launched a $10 million interior and exterior upgrade as part of an effort to enhance the property cosmetically and provide a series of amenities to retain and attract tenants to the property. Rubenstein paid $85 million for the properties.
Makefield Crossing North consists of five office buildings totaling 190,183 square feet at 1010, 1020, 1030, 1040 and 1050 Stony Hill Road. Makefield Crossing South consists of four office buildings, of which Rubenstein bought three buildings totaling 276,533 square feet at 770, 790 and 800 Township Line Road.
Rubenstein’s plan is to position the property as two separate campuses and each will get a series of renovations. At the north campus, an asphalt parking area in front of the buildings will be replaced with a courtyard that will be activated with seating, food trucks and activities. New landscaping and signage will also be incorporated.
On the interior, lobbies, restrooms and common areas will be renovated and a cafe, lounge, conference area and fitness center will be added and will serve the north campus. The renovations are expected to be completed by this summer. “It’s coming together nicely,” Merlini said.
Biohaven Pharmaceuticals is one of three large deals to get completed at the complex. It is a New Haven, Connecticut, biopharmaceutical company that targets neurological and neuropsychiatric diseases, including rare disorders. The company couldn’t be reached for comment on why it established a Philadelphia-area office or the number of jobs it might produce locally.

In addition to Biohaven, Cello Health renewed and expanded into 22,000 square feet and Jubilant Pharma renewed and expanded into 22,000 square feet. In addition, several undisclosed tenants renewed and expanded, helping to push the vacancy down.

*Article & data courtesy of Philadelphia Business Journal
For more information about Philly 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 Office Landlords Not Afraid to Ask for More

Given the city’s notorious wage tax and slow-but-steady pace of office leasing, Center City Philadelphia office owners aren’t used to seeing their market listed at the top of the charts in national rankings. This is particularly the case given that the list of office tenants moving into Center City, while growing, is still somewhat limited.

However, Center City Philadelphia’s office market does stand out nationally for its low average vacancy, minimal new construction and a surge in college-educated residents moving into the Philadelphia area’s urban core. These trends are providing local office landlords and brokers the pricing power they need to raise asking rents at some of the fastest rates of any major central business district in the U.S.

The chart above draws on more than 5,400 office space listings with asking rents that have been posted on CoStar since the beginning of 2019. In order to provide a clearer picture of where office landlords are more bullish versus more bearish, this analysis focused on office listings that either increased or decreased their asking rent. Other changes in term or service types, for example from gross rent to triple net, were excluded.

The key takeaway: Office landlords and brokers have raised asking rents by 5% or more on a third of the office space listings in Philadelphia’s Market Street West and Market Street East submarkets since the beginning of last year, while almost no landlords lowered listed rents. The strong average increases in asking rents outshine central business districts in many of the country’s largest cities including New York, Washington, D.C. and San Francisco.

This is one of the factors that appealed to investors who made large Center City Philadelphia office acquisitions over the past two years.

Manhattan-based Silverstein Properties and locally based Arden Group were responsible for last year’s largest Center City office acquisition, with their joint-venture purchase of the trophy-class BNY Mellon Center for $451.6 million, or $351 per square foot.

“When we acquired 1735 Market we knew that we were getting the premier multi-tenant office building in the city in the best location at 18th & Market St. directly across the street from the Comcast world headquarters,” Arden Group CEO Craig Spencer said in a statement provided to CoStar. “Combining the iconic trophy quality of the property with Philadelphia’s dynamic job growth, millennial population growth and residential migration into Center City has created an exciting environment where we have been able to grow rents much faster than we initially anticipated.”

Silverstein’s Executive Vice President of Leasing Jeremy Moss echoed those sentiments.

“We and our partners at Arden Group and Migdal love Philadelphia for a lot of reasons,” he said. “The city has a fantastic lifestyle that is attracting young, creative people to live and work here. It has some of the country’s top colleges and universities and is strategically located between Washington, D.C. and New York City. The bottom line is that Philadelphia is a global destination that continues to attract leading businesses and their employees. Growth in office rents is a natural byproduct of the city’s continued growth and success.”

Meanwhile, Philadelphia’s notoriously high construction labor costs have helped to keep the amount of new office space coming to market to a minimum. This restrained growth in new office supply is likely another key contributor to rising asking rents.

However, high construction costs also mean increased tenant improvement allowances, which have partially offset the market’s recent rent gains.

“Five years ago, the average 10-year Class A office deal was getting around $50 per square foot in tenant improvement allowances, ” said Lisa DeNight, Newmark Knight Frank’s research manager for the Greater Philadelphia Region. “Now, that figure is looking more like $65 to $80 because of rising construction costs and sophistication of desired tenant build-outs. While we’ve seen great rent gains across the city’s office inventory, effective rates – what landlords are taking in after TI and concessions have been factored out – have seen more muted growth.”

*Article courtesy of CoStar News, Adrien Ponsen

For more information about Philly 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.

Prime Philly Office Space for Lease in Audubon

Wolf Commercial Real Estate, a premier Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, now has available prime Philly office space for lease at 904 Jefferson Avenue Audubon PA.

The shell space that enables a custom tenant fit out at this Philly office building for lease at 904 Jefferson Avenue Audubon PA contains approximately 18,468 square feet of divisible Philly professional office space for lease.  This office space for lease in Philly at 904 Jefferson Avenue Audubon PA is situated on two-plus acres and has more than 100 parking spaces.

The asking lease price for this professional office space in Philly at 904 Jefferson Avenue Audubon PA is $24.00/sf gross plus electric. This Philly office space for lease is being offered by Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This office space for lease in Philly has 16-foot to 22-foot exposed ceilings and this professional office space in Philly has a new HVAC system. There is exterior building signage available at this Philly professional office space for lease at 904 Jefferson Avenue Audubon PA.

There is new, local ownership in place at this professional office space in Philly from Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services. This Philly office space for lease is adjacent to the Jefferson/Eisenhower bus stop.

More than 148,000 potential customers live within a five-mile radius of this Philly office space for lease at 904 Jefferson Avenue Audubon 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 Philly office space for lease is $95,266.

For more information about this Philly office space for lease at 904 Jefferson Avenue Audubon PA about any other Philly commercial properties for sale or lease, please contact Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) or Chris Henderson (856-857-6337; chris.henderson@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, medical properties, industrial properties, land properties, retail 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 or lease through our Philly commercial real estate brokerage firm.

Philly Office Space for Lease at 2 Penn Center

Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, now has available Philly office space for lease at 2 Penn Center Philadelphia PA.

The asking lease price for this Philly office space at 2 Penn Center Philadelphia PA is $28.00/SF Full Service; this is $3.00/SF under asking rent. This office space in Philly is a premier Center City Philadelphia sublease opportunity. The long-term lease on this Philly office space expires 6/30/2022.

There is 2,488 SF of Philly office space for lease at 2 Penn Center Philadelphia PA available with four furnished private offices. There also is a large conference room and an open common area at this Philly office space for lease. Additionally, there is a kitchenette in the suite of this Philly office space for lease.

This Philly office space for lease at 2 Penn Center Philadelphia PA overlooks Love Park and is steps from City Hall. Located in a 20-story Class A office building, there are a total of 502,531 SF at this office building in Philly at 2 Penn Center Philadelphia PA.

This Philly office space for lease is strategically located with direct concourse access to Suburban Station and the Regional Rail Lines as well as the Love Park Parking Garage. This office space in Philly is accessible via I-676, I-76, and I-95 as well as to the SEPTA and PATCO transit systems.

There are more than 73,000 potential customers living within one mile of this Philly office space for lease through Wolf Commercial Real Estate, a Philly commercial real estate broker. The average household income within that same radius of this Philly office building for lease at 2 Penn Center Philadelphia PA is $80,557.

For more information about this office space for lease in Philly at 2 Penn Center Philadelphia PA, about other office space in Philly, or about any other Philly commercial properties for lease or lease, please contact Ty Martin (215-799-6144; ty.martin@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

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, medical properties, industrial properties, land properties, retail 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 lease or lease through our Philly commercial real estate brokerage firm.

Center City Outperforms the Suburbs as Philadelphia’s Office Market Enters 2020

Philadelphia’s office market rounded out a great year in 2019, with vacancies holding near 20-year lows, and rent growth clocking in at 4%. But beneath the market level statistics, a noticeable divide in performance between Center City and the suburbs exists.

Urban core submarkets, including University City and Market Street West, remain well tied to emerging industries that drive leasing, including life sciences and co-working. At the close of 2019, the percentage of investment-grade office space listed as available for lease in these submarkets reached the lowest levels ever recorded since CoStar began tracking availability listings in 2005.

Trends are noticeably different in the suburbs. The Main Line maintains a drum-tight vacancy rate of 5%. However, at the end of 2019, the gap in availabilities rates between the Market Street West/University City area and Philadelphia’s suburbs was the widest recorded in more than 15 years.

Our latest Philadelphia office market video update dives into these trends in more detail, to help investors understand opportunities and risks emerging in 2020.

*Article courtesy of CoStar, Adrian Ponsen

For more information about Philly 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.

Well-Located Philly Office Space for Sale or Lease in Abington

Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is now offering well-located office space in Philly for sale or lease at 1021 Old York Road Abington PA.

Ideal for professional office or medical use, this Philly office space for sale or lease is in Abington. There are 1,500 to 8,000 square feet of divisible office space in Philly for sale or lease at this location.

The asking lease price for this office space in Philly is $18.00/square feet NNN; please call for the asking sale price for this office space in Philly. This office space in Philly for sale or lease is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

There is pylon signage available at this office space in Philly. The average household income within five miles of this office space in Philly at 1021 Old York Road Abington PA is $76,218 and there are nearly 384,000 residents living within a five-mile radius of this office space in Philly.

This Philly office space for sale or lease at 1021 Old York Road Abington PA sees an average of 37,000 vehicles per day pass by.  In addition, this office space in Philly is a fully built-out office space with premier finishes. This Philly office space for sale or lease is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

Blocks away from a SEPTA train station and bus stop, this office space in Philly is in an area with numerous amenities. There is a building security system in place at this office space in Philly and the median age of the population within five miles of this office space for sale or lease in Philly is 40.7 years old.

For more information about this Philly office space for sale or lease in Philly at 1021 Old York Road Abington PA, about other office space in Philly, or about any other Philly commercial properties for sale or lease, please contact Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) or Ty Martin (215-799-6144; ty.martin@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

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, medical properties, industrial properties, land properties, retail 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 lease or sale through our Philly commercial real estate brokerage firm.

Another Navy Yard building trades for $61.2M

As part of its divestment in office properties, Liberty Property Trust has closed on the sale of a building that houses Axalta Coating Systems Ltd.’s Global Innovation Center at the Philadelphia Navy Yard for $61.2 million.
Apex Capital Management, a subsidiary of Dimah Capital of Kuwait, bought the building at 1050 Constitution Ave. The sale breaks down to about $350 per square foot.
Foreign investment in properties at the Navy Yard, Center City and the Philadelphia suburbs has risen over the years. For example, the purchase of Mellon Bank Center involved Israeli money as part of the financial stack and was part of a trend in the region of overseas money finding a place in domestic and Philadelphia real estate.
Axalta Coating (NYSE: AXATA) moved in the fall of 2018 more than 200 engineers and scientists that were located in Wilmington into the new 175,000-square-foot research facility developed for the company at the Philadelphia Navy Yard. Axalta signed a 20-year lease that expires in 2037.
It was one of the properties Liberty had planned to sell as it unloaded the remainder of its office holdings to concentrate on the industrial sector. Liberty was sold to Prologis Inc. in a deal that closed on Monday. Prologis is expected to sell any remaining office or non-core properties that it inherited from Liberty.
Referred to as the Axalta Global Innovation Center, it is the largest such facility the company has and is believed to be the largest coatings R&D center in the world.
The buildings Liberty has sold recently at the Navy Yard have traded for top dollar. For example, in 2018, an affiliate of Korea Investment Management Co. Ltd. paid $130.5 million for the office building that houses GlaxoSmithKline at the Philadelphia Navy Yard. More recently, Norvin Healthcare paid $65 million, or $682 a square foot, for Three Crescent Drive, a 96,000-square-foot building that is fully leased on a long-term basis by Thomas Jefferson University Hospitals Inc. at the Philadelphia Navy Yard.

*Article courtesy of the Biz Journal

For more information about Philly 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.

Freestanding Philly Office Space for Lease in Audubon

Wolf Commercial Real Estate, a premier Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, is now offering freestanding Philly office space for lease at 904 Jefferson Avenue Audubon PA.

The shell space at this Philly professional office space for lease enables a custom tenant fit-out. This professional office space for lease in Philly has 18,468 square feet of professional office space for lease in Philly. The asking lease price for this professional office space in Philly is $24.00/sf gross plus electric and this Philly office building at 904 Jefferson Avenue Audubon PA has a new HVAC system.

This Philly professional office space for lease is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services. This professional office space for lease in Philly has 16’-22’ exposed ceilings.

Situated on two-plus acres of land, this professional office space in Philly has more than 100 parking spaces. In addition, there is exterior building signage available at this Philly office space for lease. This Philly office space has new local ownership in place and the Jefferson Avenue and Eisenhower bus stop is adjacent to this Philly professional office space.

This Philly professional office space for lease is being brokered through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services. This professional office space in Philly is close to restaurants and other amenities available in the King of Prussia area.

More than 148,000 residents live within a five-mile radius of this professional office space for lease in Philly and the average household income in the same area is $95,266.

For more information about this Philly office space for lease at 904 Jefferson Avenue Audubon PA or about other Philly commercial properties for sale or lease, please contact Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) or Chris Henderson (856-857-6337; chris.henderson@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

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, medical properties, industrial properties, land properties, retail 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 or lease through our Philly commercial real estate brokerage firm.