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.

Prominent Mixed-Use Space For Lease

1719 Chestnut Street, Philadelphia, Pennsylvania

Wolf Commercial Real Estate has been appointed as the leasing agent to market 1719 Chestnut Street, Philadelphia, Pennsylvania. The property has +/- 3,300 sqaure feet available for lease.

1719 Chestnut Street is ideal for retail or office users. The property has an open floor layout with three private offices, a conference room, and elevator access. In additon, there are floor to ceiling windows at the front of the space and high ceilings through out.

The property is easily accessible to PATCO station at 16th & Locust situated near various prominent retailers, resturants, and hotels.

For more information and to schedule a tour, please contact WCRE’s John Mazurie, Senior Advisor, at (856) 857 6386 or john.mazurie@wolfcre.com.

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success. For more information, visit our website.

First Class Office Sublease in Philadelphia

1760 MARKET STREET, PHILADELPHIA, PA

Wolf Commercial Real Estate has been appointed as the leasing agent to market 1760 Market Street, Philadelphia, Pennsylvania. 1760 Market Street is a Class ‘A’ office building that is available for sublease. Discover an available space of +/-5,636 SF with sublease information extending through April 30, 2029.

1760 Market is ideal for a professional services firm, that features a well-appointed reception area, large conference room (10 seats), medium conference room (6 seats), kitchen/pantry area, 14 private offices including 2 corner offices, 9 workstations (6′ x 6′), and a storage/IT room.

New tenants can enjoy on-site building management, a shared tenant lounge and conference facility, a secure bike room, and professional lobby security available 24/7/365.

For more information and to schedule a tour, please contact WCRE’s Todd Monahan, Executive Vice President and Managing Director, at (215) 799 6145 or todd.monahan@wolfcre.com.

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success. For more information, visit our website.

$59M Mortgage on 1515 Market St. Moves to Special Servicing Amid City Office Market Woes

$59M Mortgage on 1515 Market St. Moves to Special Servicing Amid City Office Market Woes

In December, nearly $60 million in debt linked to 1515 Market St. shifted to special servicing, further highlighting the strain on office properties near City Hall. The 20-story building, owned by Florida-based Accesso Partners, carries a $59.4 million balance from a loan secured for its $85 million acquisition in 2014. Originally extended by JPMorgan Chase & Co., the loan was later bundled into a commercial mortgage-backed security (CMBS) and sold to investors, with a maturity date set for January 2025. Accesso, responding to inquiries from the Business Journal, stated that it initiated the transfer to a special servicer in anticipation of the loan’s maturity, aiming to negotiate an extension amidst ongoing challenges in the refinance market.

*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.

Raynes & Lawn Leaves Rittenhouse as Lubert-Adler Moves to the Battery

Raynes & Lawn to relocate office after 55 years as Lubert-Adler moves to Fishtown

The personal injury law firm, Raynes & Lawn, is bidding farewell to its 55-year home on Rittenhouse Square, opting to transition into space at 2400 Market St. currently occupied by Lubert-Adler, as the latter relocates its headquarters to The Battery in Fishtown. The move is scheduled for April 1.

Raynes & Lawn will initially occupy approximately 12,000 square feet at 2400 Market, a decrease from the 15,000 square feet at its current 1845 Walnut St. location. The lease allows for potential expansion after five 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.

Center City Office Building on Market, Signaling Potential Sales Trend

Center City office building hits market in what could be indicator for future sales

Amidst a slowdown in the office sales market, a boutique property in Philadelphia’s central business district is available for sale at a likely discounted price. The 15-story, 133,353-square-foot office building at 1760 Market St. is listed by owner Victor F. Keen, a retired tax attorney. While the listing lacks a specific price, industry estimates suggest a potential sale in the low $20 million range. This would represent a significant drop from the $31.5 million Keen paid for the building in 2018. Keen, formerly the chair of Duane Morris’ tax practice and now of counsel at the law firm, is selling the property to shift his focus to different asset classes.

*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.

Stradley Ronon Gives Back Office Space at One Commmerce

Stradley Ronon gives back 25% of its office space at One Commerce Square

Stradley Ronon Stevens & Young has exercised a lease option to relinquish one of the four floors it occupied at its long-standing headquarters in One Commerce Square. Effective January 1, the law firm downsized its space at the 2005 Market St. office building by 25%, reducing it from 92,000 square feet to 69,111. Co-Chairman Kevin Boyle explained that when the firm extended its lease to stay at One Commerce in late 2014, it included an option to return one floor to landlord Brandywine Realty Trust in the current year. Stradley Ronon chose to give back the 24th floor while retaining floors 25, 26, and 27.

This move aligns with a broader trend that has gained momentum over the past year or two, wherein businesses are downsizing office spaces in response to the shift to hybrid work arrangements during the Covid-19 pandemic. This strategic decision not only reflects evolving work dynamics but also presents an opportunity for cost savings on rent.

*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 Negotiates Decrease in Property Tax Assessment

Centre Square negotiates $113M decrease in property tax assessment amid receivership

The owners of Centre Square have successfully negotiated with the city to reduce the property tax assessment on the challenged office complex by $113 million for the current year, while the two-building site remains in receivership with declining occupancy levels.

The assessed value of this Center City property, initially set at $362.6 million, will undergo revisions for both the 2023 and 2024 tax years. The Board of Revision of Taxes for the city has granted approval for a 33% reduction in Centre Square’s property tax assessment to $250 million for 2024 and a 24% drop to $275 million for 2023.

At Philadelphia’s property tax rate, Centre Square’s owners, Nightingale Properties and Wafra Capital Partners, are now obligated to pay approximately $3.85 million in property taxes for 2023 and $3.5 million for 2024. This marks a reduction from the $5.1 million in taxes that would have been owed in each of the two years had the assessment remained unchanged. The adjusted figures result in a combined savings of over $2.8 million for the property owners.

*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.

Dow Signs Largest Philly Office Lease

Dow Signs What May Be Philadelphia Market’s Largest Office Lease in More Than a Decade

David Werner Real Estate Investments has recently inked a substantial, long-term lease extension encompassing 800,000 square feet with Dow at its life sciences and office campus in Collegeville, Pennsylvania. This transaction stands out as one of the largest leases executed in the region in over a decade.

Notably, it marks the most extensive office lease completed in the Philadelphia market within the last 13 years, as per CoStar data. This deal surpasses the previous record set when David Werner and partner GreenBarn Investment Group finalized a $180 million sale-leaseback with a Pfizer subsidiary for the same two-building campus last summer.

The extended lease covers the Northeast Dow Center located at 400 Arcola Road, a significant research and development hub for Dow. Financing for the acquisition of the Arcola Corporate Campus, a Class-A mixed-use office and lab campus spanning 1.9 million square feet, was facilitated through a $95 million loan co-funded by the Bank of Montreal and Starwood Mortgage Capital. The five-year loan was bundled into two commercial mortgage-backed securities offerings last year.

*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.