Saul Ewing to Exit Centre Square Office Space

Saul Ewing to Exit Centre Square Office Space

Saul Ewing, a major tenant at the Centre Square office complex on 1500 Market St., is joining the trend of relocations. The law firm will move to 1735 Market St. to accommodate its hybrid work policy. The transition is expected in early 2026, with specifics about the new space still being finalized. Avison Young’s latest report indicates Saul Ewing will occupy 53,334 square feet at its new location, marking a 52% reduction from its current space, consistent with the downsizing seen in other Philadelphia law firms post-pandemic.

*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 Faces Another Blow as Dilworth Paxson Considers Relocation

Centre Square Faces Another Blow as Dilworth Paxson Considers Relocation

Dilworth Paxson is nearing a deal to move from Centre Square to One Liberty Place, reducing its office space by roughly 40%, in line with the trend of law firms downsizing their real estate. The firm would downsize from 83,094 square feet to about 50,000 square feet. Dilworth is reportedly in discussions to take over some of the space currently occupied by Glenmede, which recently signed a long-term lease to relocate within One Liberty Place, consolidating its space from floors 11-14 to floors 38-40.

*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.

Alliance HP Acquires Montgomery County Office and Industrial Properties for $23.1 Million

Alliance HP pays $23.1M for Montgomery County office, industrial buildings

Alliance HP, headquartered in Bryn Mawr, has acquired two properties in Montgomery County for a total of $23.1 million. These properties consist of an industrial building and an office building, both of which Alliance HP intends to convert into flex industrial spaces.

According to property records, the company purchased a fully vacant 143,000-square-foot office building located at 1 Innovation Drive in Plymouth Meeting for $11.3 million. Alliance HP plans to renovate this building, adding new loading docks and drive-in doors to accommodate flex industrial use, as indicated in marketing materials. The site is zoned for limited industrial purposes.

The seller of the building was Plymouth Meeting Title Holder LLC.

*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 Suburban Office Challenges Began Before the Pandemic

Philadelphia's Suburban Office Challenges Began Before the Pandemic

Philadelphia’s office market reflects a tale of two cities, showcasing pre-existing challenges and those emerging post-pandemic.

For over a decade, the Philadelphia suburbs have struggled with high office availability rates, significantly exceeding historical averages. This surplus of office space has become the norm for suburban areas.

Conversely, the abundance of available office space in the suburbs contrasts sharply with the situation in Philadelphia’s central business district. Formerly boasting the region’s lowest availability rate, Center City now leads with an 18.1% availability rate, equating to 12.1 million square feet of office space for lease. In contrast, the suburbs, spanning a larger area, exhibit a 16.6% availability rate, representing 23.2 million square feet available on the market.

*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.

Navy Yard’s Former GSK Office Faces Sheriff’s Sale Over $78M Foreclosure

Navy Yard's Former GSK Office Faces Sheriff's Sale Over $78M Foreclosure

The iconic office property at Philadelphia Navy Yard is slated for a sheriff’s sale in June. Originally praised for revolutionizing workspaces when constructed for GlaxoSmithKline over a decade ago, the building at 5 Crescent Drive is now entangled in foreclosure proceedings due to the owner’s outstanding $85 million mortgage debt.

*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 City Officials Project a Staggering $1 Billion Decline in Assessed Value for Office Buildings

Philadelphia City Officials Project a Staggering $1 Billion Decline in Assessed Value for Office Buildings

Philadelphia officials anticipate a substantial decrease of approximately $1 billion in the total assessed value of office buildings throughout the city, attributed to financial challenges faced by property owners and escalating vacancy rates.

Finance Director Rob Dubow highlighted the necessity of accounting for these declining valuations in Mayor Cherelle Parker’s proposed budget for fiscal year 2025 and the city’s five-year plan.

With plummeting office building values resulting in reduced property tax revenue, there are growing concerns despite Philadelphia’s reliance on property tax revenue being comparatively lower than other major cities nationwide.

*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 Portfolio of 4 buildings Returned to Lender, Sale Pending

Center City Office Portfolio of 4 buildings Returned to Lender, Sale Pending

In late December, a lender assumed control of a four-building Philadelphia office portfolio, and discussions are underway for the potential sale of two of the properties. KKR Real Estate Finance Trust Inc. (NYSE: KREF), a subsidiary of New York-based alternative investment firm KKR, disclosed in its quarterly earnings filing with the Securities and Exchange Commission on Feb. 6 that it acquired ownership of a Philadelphia office property on Dec. 22 through a deed in lieu of foreclosure.

*Article courtesy of 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.

4-Star Hotel to Replace Former Family Court Building

4-Star Hotel to Replace Former Family Court Building

Frontier Development & Hospitality Group aims for “really prominent” food and beverage partners and a four-star designation for its redevelopment of the former Family Court building into a 215-key hotel, according to Managing Principal Evens Charles. The 247,196-square-foot structure at 1801 Vine St. is part of a broader development plan along the Benjamin Franklin Parkway. This includes a 600-unit residential tower, a new 75,000-square-foot African American Museum in Philadelphia, and a 60,000-square-foot addition to the Free Library of Philadelphia’s Parkway Central Library, situated at the site of a surface parking lot at 1901 Wood St.

*Article courtesy of 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 Parker is Considering More In-Office Days for City Workers to Boost Center City’s Recovery

Mayor Parker is Considering More In-Office Days for City Workers to Boost Center City's Recovery

Philadelphia City Hall, with its iconic oversized William Penn statue, symbolizes the city. The SEPTA station beneath connects the transit network, and Dilworth Park’s family-friendly attractions are popular among tourists and locals alike. However, the offices adjacent to this beloved Second Empire structure face significant challenges. Data reveals that among the six private-sector office buildings surrounding City Hall, only one exceeds 80% occupancy. Notably, two of Center City’s major office complexes, the Wanamaker Building and Centre Square, are grappling with serious financial issues, boasting the lowest occupancies in the area.

*Article courtesy of Philadelphia Inquirer

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 Office Property Trades Surpass $1 Billion in 2023 Despite Market Challenges

Philadelphia Office Property Trades Surpass $1 Billion in 2023 Despite Market Challenges

Despite the tumultuous fluctuations in the Philadelphia office market last year, resourceful developers, investors, and companies demonstrated resilience by engaging in office sales activities. Prior to 2020, office buildings were dominant, consistently commanding top prices in commercial real estate. However, the enduring impact of the pandemic disrupted this trend. As the future of in-person work evolves amid economic uncertainties, the office investment landscape remains uncertain.

Since 2019, the level of office investment has declined each year, reflecting the challenges faced by the sector. Intriguingly, office investment, which was the least favored by Philadelphia investors in 2021-2022, accounted for 25% of total investments across retail, multifamily, and industrial property types in 2023—up from 17% in 2021. Remarkably, Philadelphia office sales in 2023 surpassed the volume of multifamily sales.

Recent office sales have been buoyed by various categories, particularly projects earmarked for redevelopment and stabilized office buildings with a value-added component.

*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.