Posts Tagged: Center City

Architecture Firms Moving Out of Center City

Architecture Firms Moving Out of Center City

Seeking a new design for its office, architecture firm Ballinger is relocating from its 21-year home in Washington Square West to a new location just south of the Benjamin Franklin Parkway. Currently occupying 44,000 square feet at 833 Chestnut St., Ballinger plans to move to 46,500 square feet at 1650 Arch St. in May 2025…. Read more »

Hamilton Lane, Growing Fast, to Open Center City Office

Hamilton Lane, Growing Fast, to Open Center City Office

Hamilton Lane will soon expand its presence by opening a Center City office at One Logan Square, complementing its relatively new headquarters in Conshohocken. The investment firm has secured an eight-and-a-half-year lease for 7,981 square feet on the 24th floor of the Brandywine Realty Trust-owned building at 130 N. 18th St. The move is scheduled… Read more »

Developers are Considering Demolishing Center City Office Towers

Developers are Considering Demolishing Center City Office Towers

An increasingly pressing question looms over older office buildings in Center City: What fate awaits them? Some local developers speculate that aging, lower-quality high-rises might vanish from Philadelphia’s skyline. While demolition is a typical aspect of the real estate cycle, the prospect of dismantling 30-story office towers is both rare and striking. However, extreme situations… Read more »

Center City Office Building for Sale with Conversion Potential

Center City Office Building for Sale with Conversion Potential

A five-story Center City West office building is for sale, offering conversion potential in a rapidly developing area of Philadelphia. Owned by the American Red Cross, the 52,676-square-foot building at 2221 Chestnut St. includes 20 underground parking spaces and is situated between the central business district, Rittenhouse Square, and University City. Recently assessed at $12.2… Read more »

Wanamaker Building in Receivership

Wanamaker building placed in receivership with $112M debt as lenders seek foreclosure and sale

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 »

Over 70% of Office Development Underway in Philadelphia

Downtown Philadelphia Accounts for Bulk of the Region’s Office Construction

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 »

After 46 Years, Fox Rothschild is Relocating Center City Office

Fox Rothschild Relocating in Center City after 46 years

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 Looking to Sublease Center City Office

Independence Health Group looks to sublease up to 224,000 square feet of office space in Center City

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 »

Center City Office Building Back Up for Sale

801 Market St. in Center City Philadelphia back up for sale

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 »