Alterra Property Group is nearing a deal to acquire 1701 Market St. with plans to convert the longtime Morgan Lewis & Bockius headquarters building into apartments, according to industry sources. The 305,170-square-foot property in the heart of the Central Business District has been up for sale as Morgan Lewis plans to vacate the entire space… Read more »
CBIZ Inc. has signed a 10-year lease for 50,850 square feet in West Conshohocken with plans to relocate more than 200 employees from Plymouth Meeting. The global accounting and financial services firm will become the largest tenant at Keystone Development & Investment’s 1K1 building at 1001 Conshohocken State Road, taking up the entire sixth floor… Read more »
Holland & Knight has signed a seven-year lease to relocate to One Liberty Place from its initial Philadelphia home at Cira Centre. The firm will occupy the 32nd and 33rd floors, which equal just over 48,000 square feet, when it makes the move next year. Tampa-based Holland & Knight, one of the largest U.S. law… Read more »
Younium, a software technology company headquartered in Sweden, has picked Philadelphia for the headquarters of its U.S. operations. The company’s software helps manage various aspects of subscription-based businesses like invoices and billing, financial reporting and data insights. Younium currently has some 50 employees located across the globe, and expects its Philadelphia office to have a… Read more »
The owners of one of Philadelphia’s most recognizable office complexes are looking for a second extension on a loan that has already been refinanced. A joint venture between New York’s Nightingale Properties and investment firm Wafra Capital Partners, which owns Centre Square at 1500 Market St., has asked to extend the maturity of a $368… Read more »
Chubb Ltd., the giant insurance company, is nearing a deal to move forward with a proposed 475,000-square-foot building at 2000 Arch St. that would eventually serve as its new Philadelphia offices, according to several sources familiar with the plan. The company had been evaluating over the last four years or so whether to have a… Read more »
Pharmacy chain Rite Aid has moved to accommodate a more remote workforce, downsizing and relocating its headquarters to Philadelphia and selling its former one in central Pennsylvania. The retailer this week unveiled its new base on the second floor of 1200 Intrepid Ave. in Philadelphia’s Navy Yard district. It’s a 23,000-square-foot space that Rite Aid in a… Read more »
Financial and information services firm GLG is opening its third major U.S. office in Philadelphia at the Bourse building. The company is investing $2.5 million in the office project, and also received $250,000 from the state in the form of a Pennsylvania First grant. GLG has opened a temporary office space in the Bourse already,… Read more »
More than two years into the pandemic, thousands of employees continue to work remotely in the suburbs rather than commute into the city, according to a new report by Pew Charitable Trusts. The permanent trend toward remote work is contributing to Philadelphia’s tepid economic rebound from the COVID-19 pandemic and a decline in the total… Read more »
Seven years ago this July, Scout Ltd. closed on buying the 8-story, 338,000-square-foot Edward W. Bok Vocational School at 1901 S. 9th St. in South Philadelphia. The hulking building was vacant at the time and Lindsey Scannapieco, Scout’s managing partner, had ambitions to convert the former school, which she described in a recent interview as a “giant castle,”… Read more »
