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.

Vacant Office Space is Costing Philadelphia Millions

Vacant Office Space is Costing Philadelphia Millions

Office vacancy rates have hit a 45-year high, with predictions that one-quarter of U.S. office space could sit empty by early 2026. Currently, 11 major metros face over $1 billion in empty office space. Philadelphia, while just below this threshold, saw 27.6 million square feet of vacant office space mid-year, translating to an estimated $801 million in lost rent, according to Switch On Business and Cushman & Wakefield data.

Philadelphia’s office vacancy rate has hovered around 20% in 2024. As companies finalize post-pandemic hybrid strategies, insiders expect clearer market trends in 2025 as leases expire. While some vacant spaces are being repurposed, significant unused inventory continues to weigh heavily on the market, costing hundreds of millions in lost 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 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.

$21M Bala Cynwyd Site Sale Clears Path for Apartment Development

$21M sale of Bala Cynwyd site paves way for apartment development
Plans to build over 400 apartments near City Avenue in Bala Cynwyd are advancing on the grounds of a recently cleared former office building. Houston-based developer Hanover Co. acquired the 8.5-acre property at 111 Presidential Blvd. for $21.3 million from Amerimar Realty Co., as confirmed by Montgomery County property records.
The Bala Pointe Office Center, a 172,710-square-foot office structure previously located on the site, was demolished earlier this fall. While Hanover Co. has not provided a statement, the completion of the demolition and the property sale signal significant progress for the project.
*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 CEO: ‘Greed Will Overtake Fear’ in Office Sales

Brandywine CEO: 'Greed Will Overtake Fear' in Office Sales

Brandywine Realty Trust CEO Jerry Sweeney anticipates a rebound in office sales by 2025 as interest rates stabilize or decline, improving access to capital. Speaking at the Urban Land Institute’s 2025 Real Estate Forecast at the Bellevue Hotel, Sweeney noted that office transaction volumes remain historically low, at just 30% to 40% of typical levels.

The slowdown is driven by high interest rates and uncertainty around long-term remote and hybrid work trends. Sweeney pointed out a divide in the market: high-quality office buildings are nearly fully leased and performing well, while lower-quality properties face declining occupancy, loan challenges, and potential foreclosures.

*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.

Polsinelli Expands Office Space in Center City

Polsinelli Expands Office Space in Center City

Law firm Polsinelli, which expanded into the Philadelphia market earlier this year by hiring 35 local lawyers from Holland & Knight, has signed a long-term lease for two floors at Three Logan Square. The firm will occupy the 11th and 12th floors, totaling 40,790 square feet, and plans to move in next summer. Currently with 60 local employees, Polsinelli’s new space at 1717 Arch St. will accommodate up to 120. The firm has been using the entire 28th floor, which was previously leased by Reed Smith and returned to landlord Brandywine Realty Trust.

*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.