A former Center City Philadelphia office building has officially reopened as a 176-unit apartment community. The residential conversion at 400 Market Street reached 40% leased before welcoming its first residents. West Conshohocken-based Keystone and development partner Dean Adler completed the transformation of the nearly vacant office property. The first residents recently moved into the building,… Read more »
Philadelphia architecture firm Designblendz is doubling its office footprint with a new 10,000-square-foot lease in Market East. The firm signed a seven-year lease at the Steele Building at 15-21 South 11th Street. Designblendz will occupy the top two floors of the five-story building. Additionally, the firm plans to relocate to the property in December. Currently,… Read more »
JPMorgan Chase & Co. is preparing to take a full office floor at 2400 Market Street in Philadelphia. The banking giant is expected to sublease the building’s entire 63,000-square-foot fifth floor from Aramark. Aramark plans to vacate the fifth floor while maintaining its remaining space at the property. For JPMorgan, the move could support a… Read more »
Center City Philadelphia is continuing its shift toward a more mixed-use future. As a result, office conversions are expected to play a major role in reshaping downtown. According to the latest “State of Center City” report, approximately 2 million square feet of office space is positioned for redevelopment. Most of the potential conversion activity is… Read more »
Chubb has completed the sale of its longtime office property in Old City as it prepares for a major relocation within Philadelphia. The company sold its 331,350-square-foot building at 436 Walnut Street to Extell Development for $30 million. Chubb owned the property for more than 20 years before finalizing the transaction. This sale comes just… Read more »
Cigna is continuing to shrink its real estate footprint. The latest move involves shedding more than half of its office space in a Center City Philadelphia tower. The Bloomfield, Connecticut-based insurer downsized its space at Two Liberty Place. Cigna now occupies less than 165,250 square feet following a recent lease renewal. The reduction removes nearly… Read more »
RSM US LLP has signed a long-term lease to relocate its Philadelphia office to 1735 Market Street. The firm will occupy 22,340 square feet, moving one block from its current location. RSM will relocate from 25,827 square feet at Duane Morris Plaza, located at 30 South 17th Street. The new office will span the entire… Read more »
A 266,000-square-foot office building in Philadelphia’s central business district is being considered for a partial residential conversion. Recently, a zoning permit was approved for an entity affiliated with Philadelphia-based ASI Management. As a result, 45 residential apartments are planned for floors 17 through 20 at 1880 John F. Kennedy Boulevard. Meanwhile, the building’s first 16… Read more »
Horn Williamson has expanded its Center City office by 50%. The construction law firm now occupies an entire floor at One Commerce Square. The firm moved last week to the 32nd floor at 2005 Market St. It signed a 10-year lease with Brandywine Realty Trust. Previously, it occupied two suites totaling 9,700 square feet at… Read more »
Thomas Jefferson University has put a 10-story Center City building on the market. The property sits at 919 Walnut Street and totals about 136,000 square feet. Jefferson is asking $13.5 million, which equals $99 per square foot. The building currently carries a university-use designation. However, it sits in a CMX-5 zoning district, Philadelphia’s least restrictive… Read more »
