Wanamaker Foreclosure Nears Key Milestone Ahead of Auction

Wanamaker Foreclosure Nears Key Milestone Ahead of Auction

A Philadelphia court ruling on Jan. 31 sided with lender TF Cornerstone in the Wanamaker building foreclosure case, eliminating the need for a trial. The decision puts the historic Center City office building on track for auction as TF Cornerstone moves to take control from Rubenstein Partners. The court partially granted TF Cornerstone’s motion for summary judgment on Rubenstein’s liability. In a November filing, TF Cornerstone claimed Rubenstein owed nearly $126 million on the loan for the 114-year-old property. A hearing to assess damages is set for Feb. 25.

*Article courtesy of Philadelphia Business Journal
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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.

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FS Exit Fuels Ensemble’s Navy Yard Optimism

FS Exit Fuels Ensemble’s Navy Yard Optimism

Mark Seltzer, who has leased office space at the Philadelphia Navy Yard since 2006, has never been more optimistic. According to Seltzer, managing director at Ensemble Investments, 2021, 2022, and 2024 were the Navy Yard’s top office leasing years in two decades. Today, only 2,800 square feet remain available in Ensemble’s 300,000-square-foot Navy Yard portfolio. That will change in early 2026 when FS Investments vacates 201 Rouse Blvd., an 80,000-square-foot building, for University City. While Seltzer regrets their departure, he’s confident about filling the space.

*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.

FS Investments Moving HQ to Schuylkill Yards

FS Investments Moving HQ to Schuylkill Yards

FS Investments is relocating from the Philadelphia Navy Yard to Brandywine Realty Trust’s new $300 million mixed-use tower at 3025 John F. Kennedy Boulevard in Schuylkill Yards. The 16-year lease will expand FS’s space by 46%, from 80,000 to 117,000 square feet, across four floors in the 28-story tower. FS plans to move nearly 300 local employees by January 2026.

This move marks FS’s third use of Keystone Opportunity Zone tax credits. CEO Michael Forman emphasized that without access to a KOZ building near 30th Street Station, the company might have relocated its headquarters out of Philadelphia. The new space, near major employers like the University of Pennsylvania and Drexel University, offers proximity to transit and high-demand amenities.

*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.

Bucks County Office Park Sells for $16M

Bucks County Office Park Sells for $16M

A Bucks County medical office park near Oxford Valley Mall and Sesame Place has sold for more than double its 2015 price. Aventura, Florida-based ESJ Capital Partners purchased the 152,310-square-foot, nine-building Oxford Court portfolio in Langhorne for $16 million. The seller, SkyREM of Philadelphia and New York, originally acquired the property for $7.82 million in August 2015, according to Bucks County records. SkyREM renovated the portfolio in 2016. The buildings are over 70% leased to tenants including Quest Diagnostics, DaVita, LabCorp, and the American Red Cross.

*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.

Ten Penn Center Office Tower Up for Sale

Ten Penn Center Office Tower Up for Sale

The 27-story Ten Penn Center office tower in Center City is hitting the market. Owners Sterling Equities and Greenville Partners are listing the 668,000-square-foot building at 1801 Market St. The property, built in 1981 and purchased for $75 million in 2006, was most recently assessed at $122.8 million. It is currently 60% occupied, per CoStar.

JLL brokers marketing the tower highlight it as the largest Market Street office building to hit the market since the pandemic. They are promoting potential for a partial residential conversion on the upper floors and leasing opportunities for office and retail space below.

Morgan Lewis & Bockius vacated 105,000 square feet of back office space last year after relocating to its new headquarters at 2222 Market St.

*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.

Centre Square Likely to Sell to Cover $375M Debt

Centre Square Likely to Sell to Cover $375M Debt

After two years of foreclosure proceedings with little clarity on Centre Square’s future, the property’s receiver now says a sale is “very likely.” Owners Nightingale Properties and InterVest Capital Partners, formerly Wafra Capital Partners, owe over $375 million on the overdue CMBS loan backing the 1.76 million-square-foot office complex, court records show. Wells Fargo Bank filed a foreclosure complaint on behalf of investors in January 2023, placing the Center City property in receivership three months later. Since then, little progress had been made.

On Jan. 6, CBRE, the court-appointed receiver, filed a motion in U.S. District Court for the Eastern District of Pennsylvania indicating it is preparing to sell 1500 Market St. The motion seeks to remove court requirements CBRE believes could hinder securing the best possible price.

*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.

Prologis sells Navy Yard data center for $16M

Burlington County Superior Court
A West Coast firm expanding in Philadelphia has acquired a Navy Yard data center for $16.3 million. Landmark Dividend, an El Segundo, California-based investment firm, purchased the 28,083-square-foot property at 4775 League Island Blvd. from Prologis, which acquired it through its 2020 purchase of Liberty Property Trust. The building is fully leased to TierPoint, a St. Louis-based IT company. Karlton Holston, Landmark’s EVP of data centers, highlighted the facility’s potential to add capacity and value. Landmark specializes in data centers, cell tower ground leases, and billboards, with over 6,800 transactions worth $4.5 billion since 1985. Holston noted the strong demand in the data center 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 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.

Philadelphia’s Office Market Begins to Recover After Five Years of Weak Demand

Philadelphia's Office Market Begins to Recover After Five Years of Weak Demand

After five years of declining demand, Philadelphia’s office market is showing early signs of stabilization as 2025 begins. While not yet in recovery, recent data indicates a positive shift. For the first time since 2018, annual net absorption—measuring move-ins versus move-outs—has turned positive, with office occupancy rising by 615,000 square feet across the Philadelphia metro area.

From 2019 to 2023, local businesses vacated 7.6 million square feet of office space amid uncertainties about the future of work. Though recent gains don’t fully offset those losses, they mark a critical step toward stabilization and eventual recovery. Interestingly, this improvement occurred alongside a decline in demand from life science companies, which had been a key driver for the market. This suggests that traditional office sectors are stabilizing independently of life sciences.

*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 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 Tower Extends $162.5M Loan, Boosting Advantage

Center City Tower Extends $162.5M Loan, Boosting Advantage

American Real Estate Partners (AREP) has secured a four-year extension on its $162.5 million loan for 1600 Market St., safeguarding the property’s financial stability amid office market challenges. The loan, now extended to 2028, involved senior lenders Natixis Corporate and Investment Banking, BlackRock, and mezzanine lender JPMorgan Chase.

The 39-story, 825,968-square-foot tower, 70% occupied, was purchased by AREP in 2018 for $160 million from Equity Commonwealth. AREP invested $15 million in upgrades, including improvements to the entrance, lobby, air quality, and fitness center.

As part of the extension, AREP committed to a “significant additional equity investment” to fund tenant improvements and attract new occupants. This extension marks a key achievement, especially as lenders reduce office loan exposure.

*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 Set for Residential Conversion After Foreclosure

Wanamaker Building Set for Residential Conversion After Foreclosure

New York developer TF Cornerstone is expected to convert the office portion of the historic Wanamaker Building into residential units after completing foreclosure proceedings, according to a source familiar with the plans. Foreclosure on the 1.4 million-square-foot Center City property is set to progress early next year. TF Cornerstone, which acquired the majority of the office portion’s debt earlier this year, has been actively pursuing foreclosure against the building’s owner, Rubenstein Partners, in the Philadelphia Court of Common Pleas. A settlement conference is slated for January 6, aiming to resolve the case. If no resolution is reached, a pre-trial conference is scheduled for February 3, with the trial set to begin on March 3.

*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.