College of Physicians Acquires Historic Chestnut Street Property

College of Physicians acquires historic Chestnut Street property for $9.3M as it works to expand campus

A historic Center City institution has acquired two neighboring buildings in an effort to expand its educational programs and community services. 

The College of Physicians of Philadelphia, located at 19 S. 22nd St., purchased the nearby property at 2129 Chestnut St. for $9.275 million from Corporate Facilities Inc., a workspace designer and furniture manufacturer based out of Pennsauken, New Jersey. The sale was finalized within the last month, according to the nonprofit’s CEO Dr. Mira Irons. 

The property was designed in 1881 by Theophilus Parsons Chandler, the founder of the University of Pennsylvania’s School of Architecture, and was originally the Church of the New Jerusalem. It has 21,700 square feet of office space across two interconnected 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.

WCRE Completes 6,044 SF Office Lease on Market Street, Philadelphia

1700 Market Street, Philadelphia, PA

WCRE is proud to have exclusively represented Oscar Technology, in the leasing of 6044 square feet of office space located at 1700 Market Street, Philadelphia, Pennsylvania from 1700 Market Street Associates LLC, an affiliate of Shorenstein Realty Services, L.P.

Oscar Technology is an award-winning technology recruitment company. Oscar provides outstanding digital and technology recruitment services and have strong, long-standing relationships with their candidates and clients. Their employees know how to fill tech and digital roles, and who the best candidates are to fill them.  They offer an exceptional recruitment experience, for all candidates and clients, from start to finish.​ Oscar Technology is based in London, with offices in Manchester England, Amsterdam, Austin TX, Houston TX, and Philadelphia, PA. This geographical footprint provides the means to increase their database of candidates and clients daily.

1700 Market Street is a Class A thirty two story, 848,000 sq. ft. office building at 1700 Market Street in Philadelphia.  Built in 1970, 1700 Market has undergone renovations several times throughout its history, which has enabled the building to remain competitive and viable for top quality and prestigious companies to locate offices.  Shorenstein, its current owner, renovated the lobby and common areas over the past five years along with other essential upgrades.  Shorenstein also has added a state of the art amenity center on the 6th floor, which features a large conference training center, tenant only lounge, roof deck and first class fitness center. 1700 Market features the largest parking garage on Market Street with over 670 spaces.  1700 Market is home to numerous prestigious tenants such as; Deloitte, Reliance Standard Insurance, and AECOM.

Todd Monahan, Executive Vice President and Managing Director at WCRE exclusively represented the tenant in this transaction.

Alterra Property Group Market Street Deal Falls Through

Alterra Property Group Deal Falls Through

Alterra Property Group’s deal to buy the office building at 1701 Market St. from LXP Industrial Trust, with plans to convert it into apartments, has fallen through.

Philadelphia-based Alterra went under contract on the Center City property in the fall, Alterra Managing Partner Leo Addimando said. The company terminated the contract three weeks ago, said Addimando, citing rising development costs. 

The 305,170-square-foot, 18-story building has been the longtime Morgan Lewis & Bockius headquarters. The law firm is vacating the entire property and moving to a new 19-story building at 2222 Market St. in late summer or fall.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia 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 Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Completion Approaches in Center City Market Street

Office Philly YIMBY Completion

Philadelphia YIMBY’s recent site visit has observed that construction work is nearing completion at the 295-foot-tall, 19-story office development at 2222 Market Street in Center City West. Designed by Gensler and developed by the Parkway Corporation (alternately Parkway Commercial Properties), with IMC Construction as the contractor, the development will feature 329,100 square feet of tenant floor area, with 324,826 square feet of Class A office space and 4,274 square feet of retail, as well as a 47-car underground garage.

The structure is being built as the new headquarters for Morgan Lewis, a major law firm. Building features will include ten-foot-high ceilings, floor-to-ceiling windows, several landscaped outdoor decks, flexible workspace plans, a conference center, a fitness center, Zoom conference rooms, expanded areas for servicing out-of-office visitors, and rooms with advanced audio technology to facilitate virtual court hearings.

*Article courtesy of Philly YIMBY

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia 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 Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

4-Building Old City Portfolio on the Market, Including the Bourse

Offices Old City Hit the Market

MRP Realty is looking to sell its four-building Old City portfolio, a listing that comes seven years after the Washington, D.C., company acquired the properties and entered the Philadelphia office market. 

The buildings total 713,000 square feet and are collectively 52% occupied.

*Article courtesy Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia 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 Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

BET Investments Purchases Ambler Office Building Lot Next to SEPTA

BET Investments Purchases Ambler Lot next to SEPTA

BET Investments Inc., known for mixed-use developments in the Philadelphia suburbs, has purchased an office building and adjacent parking lot in Ambler next to the SEPTA Regional Rail station.

Property records show the company paid $12.8 million for the two-story, 66,500-square-foot office building at 100 W. Butler Ave. and the parking lot across South Maple Street next to the train station.

The approximately 3.5 acres sit in a prime spot for redevelopment, but for now, BET Investments President Michael Markman is comfortable with the building’s two occupants, Hatch LTK and Precis Engineering, both engineering firms with long-term leases.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia 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 Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Ensemble Investments Purchases Two Wayne Office Buildings

Ensemble Buys Wayne Offices

Ensemble Investments LLC is expanding its local reach outside of the Philadelphia Navy Yard, buying two top-tier office buildings in Wayne totaling 204,000 square feet. 

The Long Beach, California, real estate firm purchased 650 and 680 E. Swedesford Road from Prologis Inc. The latter picked up the buildings in its $13 billion acquisition of Liberty Property Trustin 2020. 

Ensemble Investments did not disclose how much it paid for the buildings. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia 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 Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Chubb Announces Plans for New Philly Office

Chubb new Office in Philly

Chubb, the world’s largest publicly traded property and casualty insurance company, today announced its plan for a new Philadelphia office that will occupy a state-of-the-art building to be constructed at 2000 Arch Street, reaffirming a commitment to the City of Philadelphia and the Commonwealth of Pennsylvania that can be traced to 1792. Designed with the highest standards for sustainability, the new 18-floor, 438,000 rentable square foot structure is being developed in partnership with Parkway Corporation. Construction will commence in February 2023.

*Article courtesy of CityBiz

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia 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 Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia Growth Remote Work

Office Space Philadelphia

It turns out people don’t decide where to live solely based on where they work, and that’s good news for Philadelphia’s coffers and the city’s small business recovery — at least for now.

“The core of the downtown, while not fully restored because [we’re still] missing 45% of office workers… is coming back relatively strongly,” said Paul Levy, president and CEO of the Center City District. “The tide is largely coming back.”

*Article courtesy of BillyPenn

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia 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 Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Alterra Property Group Nears Deal with Vacated Morgan Lewis Building

Alterra Nears Deal with Morgan Lewis

Alterra Property Group is nearing a deal to acquire 1701 Market St. with plans to convert the longtime Morgan Lewis & Bockius headquarters building into apartments, according to industry sources.

The 305,170-square-foot property in the heart of the Central Business District has been up for sale as Morgan Lewis plans to vacate the entire space and move five blocks west into a new 19-story building at 2222 Market St. in 2023.

The 18-story 1701 Market building is owned by an entity affiliated with LXP Industrial Trust (NYSE: LXP), previously known as Lexington Realty Trust. The New York company rebranded last year as it sheds its office portfolio to focus solely on industrial properties. 

Alterra declined to comment on 1701 Market. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia 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 Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.