We’ve recently learned the purchase price Alterra Property Group paid for 1701 Market St. last month, and it serves as a stark indicator of the declining value of office buildings in Philadelphia’s central business district. The building, located at 17th and Market streets and soon to be vacant, was sold for $26.25 million according to… Read more »
The historic Wanamaker Building has been placed in receivership as one of Center City’s most recognizable office properties struggles to retain tenants and debtholders pursue foreclosure to satisfy a $112 million unpaid mortgage balance. An emergency petition filed by Wilmington Trust N.A. for the appointment of a receiver was granted Sept. 6, according to filings… Read more »
The Philadelphia region has 21 office properties under construction totaling over 3.7 million square feet, as of the third quarter of this year. Over 70% of the new office development is concentrated in two downtown areas: University City and the Market Street West section of Center City. University City alone accounts for 1.2 million square… Read more »
Fox Rothschild will be leaving its home of 46 years at 2000 Market St. — cutting more than 40% of its space in the process — to move across the street. The firm has signed a 15-year lease at Two Commerce Square at 2001 Market and will move in December 2024. Chairman Mark Morris said the firm… Read more »
Independence Health Group is looking to sublease a large portion, if not all, of the 224,000 square feet of office space it leases at 1900 Market St. across from its Center City headquarters. The region’s dominant health insurer has used the space primarily for its AmeriHealth Administrators affiliate. The third-party health plan processor of more… Read more »
A historic building on Market Street in Center City is up for sale. Again. The property for sale at 801 Market St. includes 11 stories of office space, or 703,466 square feet. The portion of the building for sale consists of floors three to 13. The building was built in 1931, renovated in 2002 and… Read more »
As Parkway Corp. CEO Rob Zuritsky stood along John F. Kennedy Boulevard between 21st and 22nd streets surveying the neighborhood, he pointed to a number of development sites that are changing the face of the western edge of Center City. Nearby, construction equipment was scattered on once empty lots, where soon looming structures will rise. Like the… Read more »
Philadelphia YIMBY’s recent site visit has observed that construction work is nearing completion at the 295-foot-tall, 19-story office development at 2222 Market Street in Center City West. Designed by Gensler and developed by the Parkway Corporation (alternately Parkway Commercial Properties), with IMC Construction as the contractor, the development will feature 329,100 square feet of tenant floor area, with 324,826 square feet of Class A office… Read more »
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… Read more »
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… Read more »
