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… Read more »
The 29-story office tower at 2000 Market Street has been acquired by a joint venture between New York-based CSB Holdings and Maryland-based Tide Realty Capital. The partnership purchased the 668,335-square-foot property for $45.5 million, or roughly $68 per square foot, according to Tide Realty Capital President Aaron Loeb. Unlike many recent Center City transactions that… Read more »
Hangley Aronchick Segal Pudlin & Schiller is relocating from One Logan Square to a smaller footprint at 1735 Market Street, reducing its space by 46%. The firm has signed a 12-year lease for 22,230 square feet on the 26th floor of the building, also known as BNY Mellon Center, which is co-owned by Silverstein Properties… Read more »
The historic Wanamaker Building in Center City is slated for a foreclosure auction on June 3, with New York-based developer TF Cornerstone holding a $120 million head start. The firm, which acquired the majority of the building’s debt earlier this year, was granted a credit bid of $120 million – the amount owed by current… Read more »
Over 1,100 apartments are being developed in Center City through office-to-residential conversions. These projects address two of Philadelphia’s most urgent challenges: a high office vacancy rate and a constrained housing supply. By repurposing underutilized office space, these conversions are helping to stabilize the vacancy rate below 20% while adding much-needed housing inventory. The trend reflects… Read more »
An entity affiliated with Eclipse Development, a new Philadelphia firm, has purchased a Center City office building from the American Red Cross for $7.2 million. The five-story, 52,676-square-foot property is located at 23rd and Chestnut Streets. Eclipse plans to explore options, including leasing office space short-term for up to two years before converting the building… Read more »
American Real Estate Partners (AREP) has secured a four-year extension on its $162.5 million loan for 1600 Market St., safeguarding the property’s financial stability amid office market challenges. The loan, now extended to 2028, involved senior lenders Natixis Corporate and Investment Banking, BlackRock, and mezzanine lender JPMorgan Chase. The 39-story, 825,968-square-foot tower, 70% occupied, was… Read more »
Law firm Polsinelli, which expanded into the Philadelphia market earlier this year by hiring 35 local lawyers from Holland & Knight, has signed a long-term lease for two floors at Three Logan Square. The firm will occupy the 11th and 12th floors, totaling 40,790 square feet, and plans to move in next summer. Currently with… Read more »
Despite concerns about Philadelphia’s downtown office market, Center City’s Market Street West remains a key leasing destination, leading the region. In the first half of 2024, it secured 548,000 square feet in new leases. Notable deals include Clark Capital’s 37,500-square-foot lease at One Liberty Place and Ballinger’s 46,500-square-foot lease at 1650 Arch St. Several law… Read more »
A New York real estate firm has acquired the majority of the debt on the historic Wanamaker building and is negotiating to take over the distressed Center City office property, according to multiple sources. Rubenstein Partners, which owns the nine-floor office portion of the Wanamaker, confirmed to the Business Journal that it has had “significant”… Read more »
