Two largely vacant office buildings in Collegeville have changed hands for $6.2 million — representing a staggering 81% drop in value from their last sale in 2018. Located at 200 and 400 Campus Drive, the buildings span a combined 183,363 square feet and were just 15% occupied at the time of sale. The significant vacancy… Read more »
Philadelphia has seen a steady rise in office building sales, as more buyers reenter the market in search of good value. In the first quarter of 2025, 245 office properties changed hands — a nearly 25% increase compared to the same period in 2024. Since January 2024, about 6.2% of the city’s 17,650 office properties… 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 325 South 22nd Street, Philadelphia, Pennsylvania. The Philadelphia property is available for lease. The property contains +/- 1,500 square feet with a big room being 975 square feet, conference room being 110 square… Read more »
While many Center City office buildings grapple with financial uncertainty and declining occupancy, 123 S. Broad St. is moving in a different direction. The 30-story, 725,000-square-foot tower is seeing renewed investment from its ownership group and a steady influx of new tenants, with a goal of reaching 90% occupancy by year’s end. The building’s ownership… Read more »
A New York real estate firm has purchased the five-building Lindenwood Corporate Center in Malvern for $23.1 million, according to property records – a 42% drop from its last sale in 2021. The 280,025-square-foot campus on Lindenwood Drive was acquired by an entity tied to Time Equities Inc. from Utah-based Bridge Investment Group. The deal… Read more »
Over 1,100 apartments are being developed in Center City through office-to-residential conversions. These projects address two of Philadelphia’s most urgent challenges: a high office vacancy rate and a constrained housing supply. By repurposing underutilized office space, these conversions are helping to stabilize the vacancy rate below 20% while adding much-needed housing inventory. The trend reflects… Read more »
The 29-story, 668,335-square-foot office tower at 2000 Market St. is officially for sale — a move that could serve as a bellwether for post-pandemic office valuations in Philadelphia’s central business district. New York-based owner Nahla Capital has listed the property, which is currently 68% leased. According to CBRE listing agent Jerry Kranzel, early interest suggests… Read more »
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 »
