The federal government has scaled back its plans to significantly reduce its real estate holdings, opting to maintain two Securities and Exchange Commission offices that were previously slated for closure. Among them is the SEC’s Philadelphia regional hub, providing a notable boost to the city’s office market, which continues to recover from pandemic-related vacancies.
The General Services Administration has finalized a 10-year lease renewal for the SEC space at One Penn Center in Center City. The office, located at 1617 John F. Kennedy Boulevard, spans roughly 44,000 square feet and accommodates about 150 employees.
The SEC has operated from this location for more than a decade, and under the new agreement, its lease will run until August 2035. The decision reflects the government’s shift in strategy as it reconsiders widespread cutbacks to its office footprint nationwide.
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