Centre Square, Philadelphia’s largest office property, is being marketed for sale even as it remains tied up in an ongoing foreclosure case. Located at 1500 Market Street, just west of City Hall, the 1.76 million-square-foot complex includes the 36-story East Tower, the 43-story West Tower, and a 450-space parking garage. Once one of the city’s… Read more »
Chubb has listed its 330,000-square-foot office building at 436 Walnut St. in Old City as it prepares to relocate to its new headquarters next year. Located at the southeast corner of 5th and Walnut streets, just a block from Independence Hall, the 12-story property is zoned CMX-4, allowing for a mix of residential and commercial… Read more »
After five years of declining demand, Philadelphia’s office market is showing early signs of stabilization as 2025 begins. While not yet in recovery, recent data indicates a positive shift. For the first time since 2018, annual net absorption—measuring move-ins versus move-outs—has turned positive, with office occupancy rising by 615,000 square feet across the Philadelphia metro… Read more »
Center City’s post-pandemic office market is beginning to take shape, highlighted by the sale of a 15-story building at a significant discount. An undisclosed private investor purchased 1760 Market St., a 133,353-square-foot office building in the central business district, for $11.5 million. This sale price represents a 63% decrease from its last sale in 2018,… Read more »
Alterra Property Group is once again moving forward with plans to buy 1701 Market St. and convert the Center City office building into 325 residential units, reviving a transaction that previously fell through due to rising costs. The 305,170-square-foot, 18-story building is owned by New York-based LXP Industrial Trust (NYSE: LXP) and currently houses the headquarters of… Read more »
Alterra Property Group is nearing a deal to acquire 1701 Market St. with plans to convert the longtime Morgan Lewis & Bockius headquarters building into apartments, according to industry sources. The 305,170-square-foot property in the heart of the Central Business District has been up for sale as Morgan Lewis plans to vacate the entire space… Read more »
Brandywine Realty Trust has arranged another joint venture with an undisclosed global institutional investor to proceed with the development of 3151 Market St., a proposed $307 million building in the University City neighborhood of Philadelphia that will cater to life sciences tenants. Brandywine (NYSE: BDN) is also exploring ways to expand its B.Labs incubator in… Read more »
