Alterra Property Group to Acquire Previous Morgan Lewis Building

Alterra Property Group Philly

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. 

*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.

CBIZ Relocates Office to West Conshohocken

CBIZ Relocates to West Conshohocken

CBIZ Inc. has signed a 10-year lease for 50,850 square feet in West Conshohocken with plans to relocate more than 200 employees from Plymouth Meeting.

The global accounting and financial services firm will become the largest tenant at Keystone Development & Investment’s 1K1 building at 1001 Conshohocken State Road, taking up the entire sixth floor and part of the fourth floor. 

Cleveland-based CBIZ (NYSE: CBZ) plans to make the move in the third quarter of 2023 and will have as many as 240 employees at the new location, company spokesperson Mark McGuriman told the Business Journal in an email. Of those, 15 to 25 will be new hires while the rest will move from the firm’s Plymouth Meeting office at 401 Plymouth Road.

McGuriman said CBIZ has outgrown its space in Plymouth Meeting. Though the 54,000 square feet the company currently occupies is slightly more than what it is leasing in Conshohocken, he said some divisions have had to be split between multiple floors. At the 1K1 building, CBIZ’s benefits and insurance divisions, as well as its accounting tax and advisory groups, will all be on the same floor.

*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.

Large Law Firm Leaving Cira Centre for One Liberty

Law Firm Leaving Cira Centre for One Liberty Philly

Holland & Knight has signed a seven-year lease to relocate to One Liberty Place from its initial Philadelphia home at Cira Centre. 

The firm will occupy the 32nd and 33rd floors, which equal just over 48,000 square feet, when it makes the move next year. 

Tampa-based Holland & Knight, one of the largest U.S. law firms with over 1,700 lawyers spread over 34 offices, entered the Philadelphia market in July 2018 when it lured almost 40 lawyers from Reed Smith over the course of that summer. It now has 60 lawyers in practice areas, with a deep presence in employee benefits/executive compensation, commercial litigation and financial services regulatory and transactional work but also capabilities in labor and employment, data privacy, real estate, environmental, trusts and estates, intellectual property and government relations.

*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.

Fast-Growing Swedish Software Company Chooses Philadelphia for U.S. Headquarters

Software - Philadelphia Headquarters

Younium, a software technology company headquartered in Sweden, has picked Philadelphia for the headquarters of its U.S. operations.

The company’s software helps manage various aspects of subscription-based businesses like invoices and billing, financial reporting and data insights. Younium currently has some 50 employees located across the globe, and expects its Philadelphia office to have a staff of five to start. The office is located in Cira Centre at 2929 Arch St.

Founded in 2017, CEO Niclas Lilja said the company has been growing quickly, to the tune of about 100% annualized revenue growth including a 150% increase last year. Now, Lilja sees Philadelphia as a part of its growth story moving forward.

*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.

Centre Square Owners Ask for Second Extension on Loan

Joint Venture in Philadelphia

The owners of one of Philadelphia’s most recognizable office complexes are looking for a second extension on a loan that has already been refinanced. 

A joint venture between New York’s Nightingale Properties and investment firm Wafra Capital Partners, which owns Centre Square at 1500 Market St., has asked to extend the maturity of a $368 million loan originated by JPMorgan Chase & Co., according to a commercial-mortgage-backed securities, or CMBS, report. Nightingale and Wafra bought the 1.8 million-square-foot, two-building Centre Square in 2017 for $328 million, or $187.47 a square foot. 

The loan was serviced by Midland Loan Services and then KeyBank National Association was later brought on as a special servicer. 

*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 Closes in on Deal for New 475,000 SF Center City Office Building

Chubb Ltd. Offices for Philadelphia

Chubb Ltd., the giant insurance company, is nearing a deal to move forward with a proposed 475,000-square-foot building at 2000 Arch St. that would eventually serve as its new Philadelphia offices, according to several sources familiar with the plan.

The company had been evaluating over the last four years or so whether to have a new office building developed for its Philadelphia operations. Those discussions were interrupted for various reasons including the pandemic but gained traction over the last year.

Chubb currently maintains its offices at 436 Walnut St., a 361,000-square-foot building it owns, and leases 140,000 square feet at the Washington, a neighboring office building. 

*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.

Impact Museums, partner in the Immersive Van Gogh exhibit, leases space in Center City

Van Gogh Museum Philadelphia

A joint venture that brings the popular Immersive Van Gogh exhibit to cities across the country has signed a lease on 32,000 square feet in a Center City office building to provide a rotation of similar programming on permanent basis.

Lighthouse Immersive and Impact Museums signed a long-term lease on the space at the Washington at 510-530 Walnut St. The space, which has a bank vault in it, had been vacant for nearly 10 years after what had been Beneficial Bank relocated out of the building. While it has been a difficult space to lease to traditional office tenants, it worked for Impact Museums. 

*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.

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Brandywine Realty Trust brings on JV partner to develop $307M building at 3151 Market

Chubb Ltd. Offices for Philadelphia

Brandywine Realty Trust has arranged another joint venture with an undisclosed global institutional investor to proceed with the development of 3151 Market St., a proposed $307 million building in the University City neighborhood of Philadelphia that will cater to life sciences tenants. 

Brandywine (NYSE: BDN) is also exploring ways to expand its B.Labs incubator in Cira Centre to bolster its pipeline of prospective life sciences tenants. 

*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.

Capital One opening Philadelphia innovation center with plans to hire 100 tech workers

Capital One, Center City, PA

One of the nation’s largest banks is opening an innovation center in Center City that will house 100 new technology jobs. 

Capital One said it has leased space at 1735 Market St., where it plans to hire software engineers, product managers and technical roles to work on “challenging technology problems.”

Jay Michelini, head of technology strategy and business operations at Capital One, said because the company has two of its café locations in Rittenhouse Square and King of Prussia, it is familiar with the Philadelphia region and its talent pool. He said Capital One wants to deepen its ties here by hiring talent where they live to make retail banking products. 

*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.

Rite Aid Downsizes Headquarters in Relocation to Philadelphia

Rite Aid

Pharmacy chain Rite Aid has moved to accommodate a more remote workforce, downsizing and relocating its headquarters to Philadelphia and selling its former one in central Pennsylvania.

The retailer this week unveiled its new base on the second floor of 1200 Intrepid Ave. in Philadelphia’s Navy Yard district. It’s a 23,000-square-foot space that Rite Aid in a statement called its Collaboration Center, a place that aims to bring the company’s “remote corporate workforce and associates together in a modern space with state-of-the-art amenities.”

Rite Aid last September announced it was moving its headquarters from a 205,000-square-foot office building it occupies at 30 Hunter Lane in Camp Hill, which is near Harrisburg.

*Article courtesy of Costar

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.