After failing to attract a buyer at sheriff’s sale, the former GSK building at the Navy Yard has sold. The vacant property is located at 5 Crescent Drive. The Eastern Atlantic States Regional Council of Carpenters purchased the 207,779-square-foot building for $52 million. The price reflects a 60 percent discount from its previous sale eight… Read more »
After failing to sell at sheriff’s sale, the former Navy Yard headquarters of GSK has closed a deal. The Eastern Atlantic States Regional Council of Carpenters purchased the vacant 207,779-square-foot building at 5 Crescent Drive for $52 million. The sale price reflects a 60% discount from the property’s last transaction eight years ago. The building… Read more »
Mark Seltzer, who has leased office space at the Philadelphia Navy Yard since 2006, has never been more optimistic. According to Seltzer, managing director at Ensemble Investments, 2021, 2022, and 2024 were the Navy Yard’s top office leasing years in two decades. Today, only 2,800 square feet remain available in Ensemble’s 300,000-square-foot Navy Yard portfolio…. Read more »
A West Coast firm expanding in Philadelphia has acquired a Navy Yard data center for $16.3 million. Landmark Dividend, an El Segundo, California-based investment firm, purchased the 28,083-square-foot property at 4775 League Island Blvd. from Prologis, which acquired it through its 2020 purchase of Liberty Property Trust. The building is fully leased to TierPoint, a… Read more »
Ben Franklin Technology Partners of Southeastern Pennsylvania has listed its longtime headquarters in the Philadelphia Navy Yard for sale and plans to relocate. The organization currently occupies about 12,000 square feet of the 30,000-square-foot building at 4801 S. Broad St., known as Building 100, with the remaining space leased to other tenants. While the asking… Read more »
The former GlaxoSmithKline office building at the Navy Yard failed to sell at a sheriff’s sale on Tuesday, adding another layer to its ongoing foreclosure saga. The 207,779-square-foot property at 5 Crescent Drive was put up for public auction on the Bid4Assets platform to satisfy a foreclosure judgment against owner Korea Investment Management Co. Ltd…. Read more »
Penn State University’s board of trustees on Friday unanimously approved the sale of two Philadelphia Navy Yard buildings to the International Brotherhood of Electrical Workers Local 98 and the union’s apprenticeship arm for a combined $18.5 million. The buildings total 65,057 square feet. A 38,348-square-foot building at 4960 S. 12th St. was approved to sell… Read more »
Penn State University has listed two Philadelphia Navy Yard buildings totaling 65,057 square feet for sale as the school relocates remaining offices at the locations elsewhere. The buildings had been used for academic programming, research, startup incubator space and events. Those uses have already moved out while some administrative offices remain but will also eventually… Read more »
Ensemble Investments LLC is expanding its local reach outside of the Philadelphia Navy Yard, buying two top-tier office buildings in Wayne totaling 204,000 square feet. The Long Beach, California, real estate firm purchased 650 and 680 E. Swedesford Road from Prologis Inc. The latter picked up the buildings in its $13 billion acquisition of Liberty Property… Read more »
Harsco Corp., a global company that processes industrial waste and supplies equipment for the construction of railway tracks, is relocating its headquarters to Philadelphia and will leave Camp Hill, where it has been based since 1870. The company leased 22,550 square feet at Two Logan Square. Harsco joins Rite Aid Corp., another Camp Hill company, moving… Read more »
