Developer Buys Building at a Major Markdown

Developer Buys Building at a Major Markdown
The sale of the Bourse building and 400 Market St. in Old City has closed at a combined price of $41 million, according to industry sources. Philadelphia developers Lubert-Adler Real Estate Funds and Keystone Development and Investment paid $31 million for the 129-year-old Bourse building at 111 S. Independence Mall East and $10 million for the largely vacant office building at 400 Market, sources said.
*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.

NYC Firm In Talks to Buy Building

NYC In Talks to Buy Building
A New York real estate firm has acquired the majority of the debt on the historic Wanamaker building and is negotiating to take over the distressed Center City office property, according to multiple sources. Rubenstein Partners, which owns the nine-floor office portion of the Wanamaker, confirmed to the Business Journal that it has had “significant” discussions with TF Cornerstone Inc. about the property. TF Cornerstone already owns the Macy’s department store space that occupies the first three floors of the 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.

Firm Gains Traction with Coworking Model in Society Hill

Firm Gains Traction with Coworking Model in Society Hill
Three years after buying and renovating the former Nelson building, Vert Properties has leased half of the Society Hill property and expects 80% occupancy by year-end. Fifteen companies have already taken space in the three-story, 30,000-square-foot building at 222-230 Walnut St., with an average of 1,000 square feet per tenant. The property offers a hybrid model between coworking space and traditional office leases, with a minimum lease length of six months. The spaces are fully outfitted, allowing firms to move in immediately upon signing a lease.
*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.

“Things are Moving”: Sale of 1760 Market at 60% Discount Resets Center City Office Market

"Things are Moving": Sale of 1760 Market at 60% Discount Resets Center City Office Market
Center City’s post-pandemic office market is beginning to take shape, highlighted by the sale of a 15-story building at a significant discount. An undisclosed private investor purchased 1760 Market St., a 133,353-square-foot office building in the central business district, for $11.5 million. This sale price represents a 63% decrease from its last sale in 2018, when retired tax attorney Victor F. Keen bought it for $31.5 million.
*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.

Investment Manager Nearly Doubles Downtown Philadelphia Office Space

Investment Manager Nearly Doubles Downtown Philadelphia Office Space

After considering alternatives, a Philadelphia investment management firm decided to stay in one of the city’s iconic towers, nearly doubling its office space.

Clark Capital Management Group, based in One Liberty Place, signed a deal to expand its headquarters from 20,100 to 37,550 square feet on a different floor of the 61-story high-rise. The new space is expected to support the firm’s growth while preserving the benefits of a prime downtown location.

*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.

Premier redevelopment opportunity in Philadelphia

Premier redevelopment opportunity in Philadelphia

Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 2315-2319 North Broad Street, Philadelphia, PA 19132. The Philadelphia property is available for sale.

The property holds +/- 12,789 square feet on .33 acres, that could be utilized by opportunity zones and redevelopment users.

Features of 2315-2319 North Broad Street

2315-2319 North Broad Street is ideal for residential/multi-family redevelopment. The property has potential to develop underground parking garage and a new 5-6 story multi-family building on N. Watts with an entrance to Broad Street. Additionally, the property has easy access to bus stations and subway stations on Broad Street.

For more information about the sale price or a tour of the industrial space, please contact Todd Monahan, Executive VP & Managing Director, at (215) 799 6145 or via email todd.monahan@wolfcre.com or Joe Fox, Senior Advisor, at (215) 799 6900 or via email joseph.fox@wolfcre.com. To review the brochure, please click here.

Wolf Commercial Real Estate is a full-service CRE brokerage and advisory firm with a full range of commercial real estate listings and services. The firm handles a variety of properties including medical, office, industrial, retail and investment. WCRE represents buyers, landlords, investors, tenants and sellers and also provides property management services. For a full list of buildings and suites that are available for sale or lease, visit www.wolfcre.com.

Local Firm Nearly Doubles Center City Office Space Amid Significant Growth

Local Firm Nearly Doubles Center City Office Space Amid Significant Growth
Clark Capital Management Group CEO Brendan Clark sought to expand the investment management firm’s office space following a period of rapid growth. His top requirement was a staircase connecting two contiguous floors. Initially considering a move from their 20,084-square-foot space on the 53rd floor of One Liberty Place at 1650 Market St., Clark found that expanding to the building’s 54th floor, for a total of 37,549 square feet, was the best option.
*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.

What will happen to the Wanamaker Building? With occupancy plummeting, there’s no easy answer.

What will happen to the Wanamaker Building? With occupancy plummeting, there's no easy answer.
The office buildings facing the most vexing challenges are those with the lowest occupancy and highest debt. In Philadelphia, a prime example is the hulking Wanamaker Building, just east of City Hall. The office portion of this historic building is only 23% occupied and has been in receivership since September. Its historic status restricts renovation options, and its large size, occupying an entire city block, adds to the complexity.
*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.

Architecture Firms Moving Out of Center City

Architecture Firms Moving Out of Center City
Seeking a new design for its office, architecture firm Ballinger is relocating from its 21-year home in Washington Square West to a new location just south of the Benjamin Franklin Parkway. Currently occupying 44,000 square feet at 833 Chestnut St., Ballinger plans to move to 46,500 square feet at 1650 Arch St. in May 2025. While Ballinger Senior Principal Terry Steelman described it as a lateral move in terms of space, the key advantage lies in transitioning to an office customized with modern technology and designed for contemporary practices. The lease at 1650 Arch St. is for 12 years.
*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.

Lubert-Adler and Keystone are Finalizing a Deal to Acquire the Bourse and 400 Market

Lubert-Adler and Keystone are Finalizing a Deal to Acquire the Bourse and 400 Market

Philadelphia developers Lubert-Adler Real Estate Funds and Keystone Development and Investment are finalizing a deal to purchase the Bourse building and 400 Market St., according to multiple industry sources. The joint venture plans to convert these Old City properties to new uses.

This purchase marks Lubert-Adler’s latest investment in converting historic properties during the office downturn and will add to Keystone’s portfolio near Independence Mall.

*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.