A New York real estate investment firm is in talks to sell two more Old City properties after recently unloading nearby buildings. KKR Real Estate Finance Trust Inc. (NYSE: KREF) plans to sell the 209,700-square-foot office building at 325 Chestnut St. and the 469-spot Bourse parking garage at 400 Ranstead St. The firm recently sold… Read more »
A Philadelphia nonprofit has chosen to extend and enlarge its lease, standing out as one of the noteworthy office deals in the city this year. This decision reflects a growing trend among tenants to invest in larger office spaces. The Defender Association of Philadelphia, which provides legal assistance to underprivileged criminal defendants, has confirmed its… Read more »
The sale of the Bourse building and 400 Market St. in Old City has closed at a combined price of $41 million, according to industry sources. Philadelphia developers Lubert-Adler Real Estate Funds and Keystone Development and Investment paid $31 million for the 129-year-old Bourse building at 111 S. Independence Mall East and $10 million for… Read more »
Three years after buying and renovating the former Nelson building, Vert Properties has leased half of the Society Hill property and expects 80% occupancy by year-end. Fifteen companies have already taken space in the three-story, 30,000-square-foot building at 222-230 Walnut St., with an average of 1,000 square feet per tenant. The property offers a hybrid… Read more »
Center City’s post-pandemic office market is beginning to take shape, highlighted by the sale of a 15-story building at a significant discount. An undisclosed private investor purchased 1760 Market St., a 133,353-square-foot office building in the central business district, for $11.5 million. This sale price represents a 63% decrease from its last sale in 2018,… Read more »
After considering alternatives, a Philadelphia investment management firm decided to stay in one of the city’s iconic towers, nearly doubling its office space. Clark Capital Management Group, based in One Liberty Place, signed a deal to expand its headquarters from 20,100 to 37,550 square feet on a different floor of the 61-story high-rise. The new… Read more »
Clark Capital Management Group CEO Brendan Clark sought to expand the investment management firm’s office space following a period of rapid growth. His top requirement was a staircase connecting two contiguous floors. Initially considering a move from their 20,084-square-foot space on the 53rd floor of One Liberty Place at 1650 Market St., Clark found that… Read more »
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 »
