A 296,000-square-foot office building at 1635 Market Street in Philadelphia’s central business district has seen its assessed value reduced by more than half following multiple appeals, underscoring the financial pressures facing under-occupied office properties. Originally assessed at $62.2 million for tax years 2023 and 2024, the building’s value was ultimately lowered to $35.8 million in… Read more »
A Brooklyn-based investment firm has acquired a fully leased Northeast Philadelphia office building for $21 million, according to public records. The 130,000-square-foot property, located at 13000 Townsend Road, is currently occupied by the U.S. Department of the Treasury’s Bureau of the Fiscal Service, which recently extended its lease for an additional five years through late… Read more »
Hangley Aronchick Segal Pudlin & Schiller is relocating from One Logan Square to a smaller footprint at 1735 Market Street, reducing its space by 46%. The firm has signed a 12-year lease for 22,230 square feet on the 26th floor of the building, also known as BNY Mellon Center, which is co-owned by Silverstein Properties… Read more »
Chubb has listed its 330,000-square-foot office building at 436 Walnut St. in Old City as it prepares to relocate to its new headquarters next year. Located at the southeast corner of 5th and Walnut streets, just a block from Independence Hall, the 12-story property is zoned CMX-4, allowing for a mix of residential and commercial… Read more »
Kirkland & Ellis has leased 29,000 square feet at 2005 Market St., taking the entire 10th floor of One Commerce Square in Center City. The move suggests the world’s highest-grossing law firm is laying the groundwork for significant growth in Philadelphia after entering the market earlier this year. Despite currently listing only four Philadelphia-based attorneys… Read more »
After years of uncertainty surrounding the future of the iconic Wanamaker building, TF Cornerstone has officially taken full ownership following a foreclosure auction held Tuesday. The New York-based developer announced plans to convert a significant portion of the building’s office space into residential units as part of a major repositioning effort. With the acquisition, TF… Read more »
Philadelphia has seen a steady rise in office building sales, as more buyers reenter the market in search of good value. In the first quarter of 2025, 245 office properties changed hands — a nearly 25% increase compared to the same period in 2024. Since January 2024, about 6.2% of the city’s 17,650 office properties… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey, has been appointed the exclusive listing agent for 325 South 22nd Street, Philadelphia, Pennsylvania. The Philadelphia property is available for lease. The property contains +/- 1,500 square feet with a big room being 975 square feet, conference room being 110 square… Read more »
The 29-story, 668,335-square-foot office tower at 2000 Market St. is officially for sale — a move that could serve as a bellwether for post-pandemic office valuations in Philadelphia’s central business district. New York-based owner Nahla Capital has listed the property, which is currently 68% leased. According to CBRE listing agent Jerry Kranzel, early interest suggests… Read more »
The owner of 401 Market St. is seeking a discounted payoff on its $52 million debt after Wells Fargo’s exit left the building 28% occupied and pushed the loan into special servicing. With the loan maturing in October, Miller Investment Management hopes to negotiate a deal, highlighting the declining value of Philadelphia’s older office buildings…. Read more »
