While office values plummet and vacancy rates reach record highs, developer Ori Feibush sees the buyer’s market as “the best real estate opportunities we’ve seen in our professional lives.” To demonstrate this, he recently acquired a five-story Old City building that’s 30% occupied, with plans to keep it as office space. Feibush, president of OCF… 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 »
Hamilton Lane will soon expand its presence by opening a Center City office at One Logan Square, complementing its relatively new headquarters in Conshohocken. The investment firm has secured an eight-and-a-half-year lease for 7,981 square feet on the 24th floor of the Brandywine Realty Trust-owned building at 130 N. 18th St. The move is scheduled… Read more »
Mayor Cherelle Parker announced on Monday that she is mandating all city employees to resume in-person work five days a week. This new directive will take effect on July 15, requiring over 25,000 city workers to return to their job sites full-time. It echoes Mayor Parker’s earlier encouragements to employers throughout Philadelphia to increase the… Read more »
A two-story office building in Center City, located at 2042-2048 Arch St. in Logan Square, is now available for purchase, presenting a prime redevelopment opportunity. Positioned between two notable projects, the property spans 17,940 square feet and sits on the southeast corner of 21st and Arch streets. Adjacent to the east, Parkway Corp. is underway… Read more »
King of Prussia business leaders express cautious optimism as office occupancy in the growing suburban center continues to rise. According to CoStar data, occupancy in Upper Merion Township office buildings has reached 89.3%, the highest since tracking began in 2011. However, this rate excludes smaller buildings and owner-occupied spaces. CEO Eric Goldstein acknowledges the importance… Read more »
Less than a year after expressing frustration over slow leasing, Brandywine Realty Trust CEO Jerry Sweeney noted a surge in activity, citing the firm’s Philadelphia portfolio now being 94% leased. Despite challenges in commercial real estate, Sweeney highlighted the strong performance of the company’s Philadelphia portfolio during Thursday’s quarterly earnings call with investors. He attributed… Read more »
Saul Ewing, a major tenant at the Centre Square office complex on 1500 Market St., is joining the trend of relocations. The law firm will move to 1735 Market St. to accommodate its hybrid work policy. The transition is expected in early 2026, with specifics about the new space still being finalized. Avison Young’s latest… Read more »
Alliance HP, headquartered in Bryn Mawr, has acquired two properties in Montgomery County for a total of $23.1 million. These properties consist of an industrial building and an office building, both of which Alliance HP intends to convert into flex industrial spaces. According to property records, the company purchased a fully vacant 143,000-square-foot office building… Read more »
Philadelphia’s office market reflects a tale of two cities, showcasing pre-existing challenges and those emerging post-pandemic. For over a decade, the Philadelphia suburbs have struggled with high office availability rates, significantly exceeding historical averages. This surplus of office space has become the norm for suburban areas. Conversely, the abundance of available office space in the… Read more »
