The owner of 401 Market St. is seeking a discounted payoff on its $52 million debt after Wells Fargo’s exit left the building 28% occupied and pushed the loan into special servicing. With the loan maturing in October, Miller Investment Management hopes to negotiate a deal, highlighting the declining value of Philadelphia’s older office buildings…. Read more »
Philadelphia stands out as the most stable office market among the 15 largest U.S. markets heading into spring, with a year of occupancy gains bringing its office availability rate to 14.1%, the lowest in the nation, just ahead of Minneapolis at 14.2%. While most major markets struggle with rising vacancies, Philadelphia is one of only… Read more »
An entity affiliated with Eclipse Development, a new Philadelphia firm, has purchased a Center City office building from the American Red Cross for $7.2 million. The five-story, 52,676-square-foot property is located at 23rd and Chestnut Streets. Eclipse plans to explore options, including leasing office space short-term for up to two years before converting the building… Read more »
Duane Morris has renewed its long-term lease at Duane Morris Plaza, downsizing by 45,000 SF as part of a broader trend of law firms reducing office space. The Philadelphia-based firm will shrink its footprint at the Center City tower from 241,022 SF to 195,757 SF, a 19% reduction, consolidating from seven and a half floors… Read more »
Elon Musk’s Department of Government Efficiency (DOGE) is scaling back the federal real estate footprint, putting office space in Greater Philadelphia on the chopping block. According to a list posted on the DOGE website Monday, nearly 20 government leases in the region have been canceled, totaling approximately 183,000 square feet and over $4.93 million in… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 1700 Market Street, Philadelphia, Pennsylvania 19103. The Philadelphia property is available for sublease. The property contains +/- 6,044 square feet, which could be utilized by retail and office users. Features of 1700… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 1717 South Broad Street, Philadelphia, Pennsylvania 19148. The Philadelphia property is available for lease. The property contains +/- 1,580 square feet, which could be utilized by retail and office users. Features of… Read more »
Philadelphia’s office market showed signs of stabilization in early 2025, with positive annual net absorption for the first time in five years. However, challenges remain as companies continue to downsize, rents stay under pressure, and high interest rates suppress asset valuations. Here’s an update on what local industry players are saying about the market. Several… Read more »
Philadelphia’s Tax Reform Commission proposes a temporary 20-year tax abatement to encourage converting distressed office buildings for new uses. The recommendation, doubling the current 10-year abatement, is part of a 29-page report analyzing the city’s tax structure. The report also calls for a $15 minimum wage, phasing out the Business Income and Receipts Tax (BIRT),… Read more »
Pashman Stein Walder Hayden is expanding into Philadelphia, hiring cannabis industry practice leader Seth Goldberg from Duane Morris to lead the new office. The Hackensack-based firm will occupy 2,500 square feet on the 31st floor of One Commerce Square at 2005 Market St. starting March 1. The short-term lease includes four offices and a conference… Read more »
