Wanamaker Building in Receivership

Wanamaker building placed in receivership with $112M debt as lenders seek foreclosure and sale

The historic Wanamaker Building has been placed in receivership as one of Center City’s most recognizable office properties struggles to retain tenants and debtholders pursue foreclosure to satisfy a $112 million unpaid mortgage balance.

An emergency petition filed by Wilmington Trust N.A. for the appointment of a receiver was granted Sept. 6, according to filings with the Court of Common Pleas in Philadelphia. Wilmington Trust represents investors in the commercial mortgage-backed securities (CMBS) that comprise the debt backed by the property.

*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.

Over 70% of Office Development Underway in Philadelphia

Downtown Philadelphia Accounts for Bulk of the Region’s Office Construction

The Philadelphia region has 21 office properties under construction totaling over 3.7 million square feet, as of the third quarter of this year. Over 70% of the new office development is concentrated in two downtown areas: University City and the Market Street West section of Center City. University City alone accounts for 1.2 million square feet, or 32%, of the ongoing office construction, while Market Street West contributes nearly 1.5 million square feet, constituting 40% of the region’s total.

*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.

After Twenty Years, KPMG Plans to Move out of Market Street Location

KPMG to move out of 1601 Market St. after more than 20 years, cut space by 38%

KPMG plans to leave its longtime home at 1601 Market St. next year and relocate to new offices at 1735 Market, reducing its space by 38% in the process.

The Big 4 accounting firm will make the move when its lease at 1601 Market expires on June 30, 2024. It currently occupies 134,000 square feet but will downsize to just 97,000 at 1735 Market, also known as the BNY Mellon Bank Center. It will take the entire third, fourth and sixth floors in the 54-story building.

KPMG declined to provide the length of the lease but did say it has flexibility to grow or shrink its space over time.

*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.

First Tenant at Schuykill Yards Tower is Goodwin Proctor

Goodwin Procter signs lease to become first tenant at new Schuylkill Yards tower

Nine months after launching a Philadelphia office, law firm Goodwin Procter has signed a lease to become the lead tenant at a new mixed-used tower at Schuylkill Yards.

Goodwin will occupy 31,500 square feet in the 28-story tower at 3025 John F. Kennedy Blvd. The lease is for 12.5 years.

Brandywine Realty Trust (NYSE: BDN) recently completed the building and Boston-based Goodwin’s fit out is planned to take about a year with move-in planned for the second half of 2024.

*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 District Relocates Offices

Center City District Relocating Offices to the Land Title BuildingBusiness

Center City District, an organization that operates the Center City business improvement district dedicated to enhancing the cleanliness, quality of life, and economic prosperity of downtown Philadelphia, will be relocating its office to ASI Management’s Land Title Building at 100 S Broad St., where it leased 26,173 square feet.

The business improvement district operator will occupy space on the first floor and mezzanine levels of the historic 22-story office toweroriginally built in 1898 as one of the first high-rise office towers in Philadelphia and features much of its original turn-of-the-century elegance. The building is centrally located in Center City, one block from City Hall at the center of Philadelphia’s downtown business district.

*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.

Office Sublease Intensifies in Philadelphia

Mounting Sublet Inventory Intensifies Philadelphia’s Office Woes

Office sublease availability has increased to 8.1 million square feet across the Philadelphia metropolitan area and now accounts for 3% of the 49.2 million square feet of available office inventory. As of the third quarter, 280 office properties in the Philadelphia region have available sublet spaces.

While sublet availability still comprises a small fraction of the total available office inventory, the fivefold increase in office sublet space since the pandemic is worrisome. In 2019, sublet space accounted for only 0.6% of the available office space in Philadelphia.

The City of Philadelphia accounts for 35% of total sublet availability at 2.8 million square feet. Of this, Center City is responsible for 74% of the city’s total sublet availability. If University City and the Navy Yard are included, they collectively comprise 88% of the city’s sublet availability.

*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.

Alterra Looks to Convert Market in Apartments

After scuttled deal, Alterra again looks to convert 1701 Market into 325 apartments

Alterra Property Group is once again moving forward with plans to buy 1701 Market St. and convert the Center City office building into 325 residential units, reviving a transaction that previously fell through due to rising costs.

The 305,170-square-foot, 18-story building is owned by New York-based LXP Industrial Trust (NYSE: LXP) and currently houses the headquarters of Philadelphia law firm Morgan Lewis and Bockius. Permits issued by the Philadelphia Department of Licenses and Inspections on July 19 for the residential conversion at 1701 Market include plans identifying Philadelphia-based Alterra as the project’s developer, signaling a sale agreement with LXP is back on.

*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.

Penn State Approves Sale of Navy Yard Buildings

Penn State approves $18.5M sale of Navy Yard buildings to IBEW Local 98

Penn State University’s board of trustees on Friday unanimously approved the sale of two Philadelphia Navy Yard buildings to the International Brotherhood of Electrical Workers Local 98 and the union’s apprenticeship arm for a combined $18.5 million.

The buildings total 65,057 square feet. A 38,348-square-foot building at 4960 S. 12th St. was approved to sell for $11.25 million to IBEW Local 98. Penn State approved the sale of a neighboring 26,709-square-foot building at 1101 Kitty Hawk Ave. for $7.25 million to Electrical Workers Joint Apprenticeship and Training Trust Fund.

*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.

Prominent Center City Buildings Face Possible Default

3 Center City office buildings face possible default as tenants leave, loans come due

Philadelphia office buildings face a potentially landscape-altering shift that could shape the market for years to come.

Decreased occupancy rates have reduced leasing income for landlords to pay off commercial mortgages on their office buildings, many of which have suffered significant losses in property value since the start of the pandemic. That spells danger for property owners with millions of dollars in loan balances coming due, putting them at risk of losing possession of the buildings.

*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.

Digitas Inc. Moving Out of Philly Wanamaker Building

Digitas Inc. moving their office out of the Philadelphia Wanamaker building

Digitas Inc. is cutting in half its Philadelphia office space as the health care advertising agency moves from the Wanamaker Building to the Bourse in Old City.

Digitas’ lease for 108,619 square feet in the historic Wanamaker expires in November. The company is taking about 55,000 square feet of space at the Bourse.

*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.