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 »
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 »
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 »
