Fox Rothschild will be leaving its home of 46 years at 2000 Market St. — cutting more than 40% of its space in the process — to move across the street. The firm has signed a 15-year lease at Two Commerce Square at 2001 Market and will move in December 2024. Chairman Mark Morris said the firm… Read more »
Independence Health Group is looking to sublease a large portion, if not all, of the 224,000 square feet of office space it leases at 1900 Market St. across from its Center City headquarters. The region’s dominant health insurer has used the space primarily for its AmeriHealth Administrators affiliate. The third-party health plan processor of more… Read more »
A historic building on Market Street in Center City is up for sale. Again. The property for sale at 801 Market St. includes 11 stories of office space, or 703,466 square feet. The portion of the building for sale consists of floors three to 13. The building was built in 1931, renovated in 2002 and… Read more »
Global financial services firm Morgan Stanley renewed the lease for its office space in downtown Philadelphia’s One Liberty Place. The lease covers Morgan Stanley’s 31,000-square-foot space on the 42nd floor at 1650 Market St., a 61-story office tower owned by Chicago-based Metropolis Investment Holdings Inc. *Article courtesy of Costar For more information about Philadelphia office space… Read more »
After a period of noteworthy leasing recovery since mid-2021, the Philadelphia office market has hit another setback. Business decisions, and subsequently leasing momentum, have given way to inflationary measures and economic uncertainty in recent months. The past two quarters have recorded the lowest leasing levels since the height of the pandemic. After recovering to 80% of pre-pandemic… Read more »
Philadelphia YIMBY’s recent site visit has observed that construction work is nearing completion at the 295-foot-tall, 19-story office development at 2222 Market Street in Center City West. Designed by Gensler and developed by the Parkway Corporation (alternately Parkway Commercial Properties), with IMC Construction as the contractor, the development will feature 329,100 square feet of tenant floor area, with 324,826 square feet of Class A office… Read more »
MRP Realty is looking to sell its four-building Old City portfolio, a listing that comes seven years after the Washington, D.C., company acquired the properties and entered the Philadelphia office market. The buildings total 713,000 square feet and are collectively 52% occupied. *Article courtesy Philadelphia Business Journal For more information about Philadelphia office space for… Read more »
Ensemble Investments LLC is expanding its local reach outside of the Philadelphia Navy Yard, buying two top-tier office buildings in Wayne totaling 204,000 square feet. The Long Beach, California, real estate firm purchased 650 and 680 E. Swedesford Road from Prologis Inc. The latter picked up the buildings in its $13 billion acquisition of Liberty Property… Read more »
Chubb, the world’s largest publicly traded property and casualty insurance company, today announced its plan for a new Philadelphia office that will occupy a state-of-the-art building to be constructed at 2000 Arch Street, reaffirming a commitment to the City of Philadelphia and the Commonwealth of Pennsylvania that can be traced to 1792. Designed with the highest standards for sustainability, the new… Read more »
It turns out people don’t decide where to live solely based on where they work, and that’s good news for Philadelphia’s coffers and the city’s small business recovery — at least for now. “The core of the downtown, while not fully restored because [we’re still] missing 45% of office workers… is coming back relatively strongly,”… Read more »
