Posts Tagged: Office

Ensemble Secures 50,000-SF Tenant for Vacant Main Line Building

Ensemble Secures 50,000-SF Tenant for Vacant Main Line Building

An Irish technology product developer has signed a long-term lease for 50,000 square feet in Wayne, relocating its local office four miles east while reducing its footprint by 38%. TE Connectivity will move into 680 E. Swedesford Road by January 2026, occupying the first two floors of the four-story, 102,000-square-foot building, which is set for… Read more »

FS Exit Fuels Ensemble’s Navy Yard Optimism

FS Exit Fuels Ensemble’s Navy Yard Optimism

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 »

Ten Penn Center Office Tower Up for Sale

Ten Penn Center Office Tower Up for Sale

The 27-story Ten Penn Center office tower in Center City is hitting the market. Owners Sterling Equities and Greenville Partners are listing the 668,000-square-foot building at 1801 Market St. The property, built in 1981 and purchased for $75 million in 2006, was most recently assessed at $122.8 million. It is currently 60% occupied, per CoStar…. Read more »

Center City Tower Extends $162.5M Loan, Boosting Advantage

Center City Tower Extends $162.5M Loan, Boosting Advantage

American Real Estate Partners (AREP) has secured a four-year extension on its $162.5 million loan for 1600 Market St., safeguarding the property’s financial stability amid office market challenges. The loan, now extended to 2028, involved senior lenders Natixis Corporate and Investment Banking, BlackRock, and mezzanine lender JPMorgan Chase. The 39-story, 825,968-square-foot tower, 70% occupied, was… Read more »

Vacant Office Space is Costing Philadelphia Millions

Vacant Office Space is Costing Philadelphia Millions

Office vacancy rates have hit a 45-year high, with predictions that one-quarter of U.S. office space could sit empty by early 2026. Currently, 11 major metros face over $1 billion in empty office space. Philadelphia, while just below this threshold, saw 27.6 million square feet of vacant office space mid-year, translating to an estimated $801… Read more »

$21M Bala Cynwyd Site Sale Clears Path for Apartment Development

$21M sale of Bala Cynwyd site paves way for apartment development

Plans to build over 400 apartments near City Avenue in Bala Cynwyd are advancing on the grounds of a recently cleared former office building. Houston-based developer Hanover Co. acquired the 8.5-acre property at 111 Presidential Blvd. for $21.3 million from Amerimar Realty Co., as confirmed by Montgomery County property records. The Bala Pointe Office Center,… Read more »

Brandywine CEO: ‘Greed Will Overtake Fear’ in Office Sales

Brandywine CEO: 'Greed Will Overtake Fear' in Office Sales

Brandywine Realty Trust CEO Jerry Sweeney anticipates a rebound in office sales by 2025 as interest rates stabilize or decline, improving access to capital. Speaking at the Urban Land Institute’s 2025 Real Estate Forecast at the Bellevue Hotel, Sweeney noted that office transaction volumes remain historically low, at just 30% to 40% of typical levels…. Read more »

Polsinelli Expands Office Space in Center City

Polsinelli Expands Office Space in Center City

Law firm Polsinelli, which expanded into the Philadelphia market earlier this year by hiring 35 local lawyers from Holland & Knight, has signed a long-term lease for two floors at Three Logan Square. The firm will occupy the 11th and 12th floors, totaling 40,790 square feet, and plans to move in next summer. Currently with… Read more »

Philadelphia Office Sublet Space Declines as Tenants Return Less Space

Philadelphia Office Sublet Space Declines as Tenants Return Less Space

After seven years of rising office sublease availability, Philadelphia’s office market shows signs of recovery. By late 2024, the proportion of sublet space in the total available inventory dropped to 15.1%, down from a peak of 16.8% in mid-2023. This marks a shift after years of increasing sublet availability, indicating that the worst of the… Read more »

Philadelphia REIT Poised for Post-Pandemic Office Leasing Rebound as Demand Picks Up

Philadelphia REIT Poised for Post-Pandemic Office Leasing Rebound as Demand Picks Up

Office landlords nationwide continue to face numerous challenges in the post-pandemic recovery, yet one Philadelphia developer is finding renewed optimism with a gradual rise in leasing activity. Brandywine Realty Trust, a Philadelphia-based REIT, reports increased touring and leasing across its U.S. office portfolio as companies regain confidence in expanding their real estate presence. CEO Jerry… Read more »