Starr Insurance is set to significantly expand its presence in Center City Philadelphia, leasing the entire 31,600-square-foot top floor of 30 S. 17th Street, also known as Duane Morris Plaza. The move represents a 66% increase in space for the New York-based insurance and investment firm, which currently occupies about 19,000 square feet at 1601… Read more »
Stateside Vodka, the Philadelphia-born spirits company best known for its craft vodka and popular Surfside canned cocktails, has signed a long-term lease to move its corporate headquarters back to the city. The company secured an 11-year lease for 34,200 square feet across the fifth and sixth floors at 1100 Ludlow Street, part of the East… Read more »
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 »
