As part of its divestment in office properties, Liberty Property Trust has closed on the sale of a building that houses Axalta Coating Systems Ltd.’s Global Innovation Center at the Philadelphia Navy Yard for $61.2 million. Apex Capital Management, a subsidiary of Dimah Capital of Kuwait, bought the building at 1050 Constitution Ave. The sale… Read more »
Posts Tagged: Philadelphia office properties
Law firm lease clears way for Center City’s first non-Comcast office tower in a generation
Law firm Morgan, Lewis & Bockius LLP is moving from Center City’s core business district near City Hall to a new custom-built $200 million home near the banks of the Schuylkill, a hopeful sign in a city that has seen little ground-up office construction despite demand for commercial space. Morgan Lewis has signed a lease… Read more »
Architectural firm moving HQ to Center City
Formcraft, an architectural firm based in Delaware County, has decided to relocate its headquarters to Philadelphia and bring a total of 31 jobs to the city. The move comes after the company opened a Philadelphia satellite office in 2016 in 2,800 square feet at 1515 Market St. “Our goal at that point was to get… Read more »
Philadelphia’s Market Street West Vacancies Near 10-Year Low
CoStar Market Insights: Center City Philadelphia’s Minimal New Office Construction and Rising Rents Have Local Office Owners in a Comfortable Position Heading Into Late 2019 Philadelphia’s largest office submarket, Market Street West, wrapped up the second quarter in good health. As cited in the latest Market Street West video update, the submarket’s vacancy rate is… Read more »
Center City Coworking Leasing Hits All-Time High in 2019
CoStar Market Insights: Philadelphia Office Fundamentals Are Benefiting As Growing Coworking Operators Move Into This Market for the First Time This week, San Diego-based flexible workspace provider CommonGrounds announced its 62,461-square-foot lease at Shorenstein’s 1700 Market, with the new location scheduled to open by the first quarter of 2020. When CommonGrounds opens the facility, it will be Center City… Read more »
Medecision Inks Deal at CrossPoint at Valley Forge
Medical Software Company Signs Sublease in Wayne, Pennsylvania Medecision, a leader in software solutions for the healthcare industry, subleased 24,726 square feet at Prime US REIT’s Class A office building at CrossPoint at Valley Forge in Wayne, Pennsylvania. The 272,360-square-foot, four-story building at 550 E. Swedesford Road was built in 1974 and renovated in 2014. The 4-Star… Read more »
Philadelphia’s Center City Office Rent Growth Outperforms Most East Coast Central Business Districts
Market Stat: Center City Office Rent Growth Outpaces Manhattan, Downtown Boston and the District of Columbia on a Year-Over-Year Basis The Central Business Districts of global gateway markets such as New York, Washington, D.C., and Boston, have long been perceived as the powerhouses for office rent growth in the Northeastern U.S. But that dynamic appears… Read more »
Philadelphia’s Unemployment Rate Falls to 30-Year Low
CoStar Market Insights: Tight Labor Market Favors Apartment Rent Growth, but Limits Office Tenant Expansions After another month of job growth, Philadelphia’s economy has reached an important milestone. The metro area’s unemployment rate fell to 3.1% in May, the lowest level of unemployment recorded in Philadelphia since the Bureau of Labor Statistics (BLS) began publishing… Read more »
Corporate Downsizings Are Causing Available Office Space to Accumulate in Philly’s Northern Suburbs
CoStar Market Insights: Office Availabilities Reach 10-Year High in Philadelphia’s Horsham/Willow Grove Submarket The share of Horsham/Willow Grove’s office stock listed as available for lease rose to 15% last quarter, the highest level recorded there since CoStar began tracking the figure in 2005. Toll Brothers was the largest single contributor to the recent rise in… Read more »
Environmental Protection Agency Inks Deal at Four Penn Center Office Tower
Government Agency Signs 173,000-SF Lease in Downtown Philadelphia Environmental Protection Agency leased 172,658 square feet at Treeview Real Estate Advisors’ Four Penn Center office tower in Philadelphia.The 4-Star, 522,050-square-foot building at 1600 John F Kennedy Blvd. spans three quarters of an acre across from Suburban Station. The 20-story structure was built in 1964 and renovated in 2001…. Read more »
