Posts Tagged: Center City

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 »

Center City West is No Longer Considered a ‘Wasteland’

Center City Philly No Longer Wasteland

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 »

Completion Approaches in Center City Market Street

Office Philly YIMBY Completion

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 »