Office tour activity is gaining momentum in Philadelphia as tenants seek larger, higher-quality spaces. Reflecting renewed confidence in the market, Brandywine Realty Trust has acquired its joint venture partner’s stake in the mixed-use tower at 3025 John F. Kennedy Blvd., investing $70.5 million to become the sole owner. The 570,000-square-foot property, featuring both office and… Read more »
Brandywine Realty Trust has acquired full ownership of 3025 John F. Kennedy Blvd. in University City after purchasing its joint venture partner’s remaining stake for $70.5 million. The deal gives Brandywine complete control of the 570,000-square-foot mixed-use tower. The Philadelphia-based REIT previously held a 66% interest in the recently completed property, with a global institutional… Read more »
The foreclosure saga surrounding 1650 Arch Street in Center City appears to be approaching its conclusion. 1650 Arch Investor LP, an affiliate of ASI Management and owner of the 553,000-square-foot office tower, is slated for public auction on November 5. According to a published notice, bidding will take place both online and in person at… Read more »
The Archdiocese of Philadelphia is preparing to relocate its headquarters, signing a long-term lease for 80,000 square feet at Three Parkway, just a block from its current Center City location. The archdiocese, which has occupied its 13-story, 137,000-square-foot building at 222 N. 17th Street since 1971, cited $25 million in deferred maintenance costs and underutilized… Read more »
Starr Insurance is set to significantly expand its presence in Center City Philadelphia, leasing the entire 31,600-square-foot top floor of 30 S. 17th Street, also known as Duane Morris Plaza. The move represents a 66% increase in space for the New York-based insurance and investment firm, which currently occupies about 19,000 square feet at 1601… Read more »
Stateside Vodka, the Philadelphia-born spirits company best known for its craft vodka and popular Surfside canned cocktails, has signed a long-term lease to move its corporate headquarters back to the city. The company secured an 11-year lease for 34,200 square feet across the fifth and sixth floors at 1100 Ludlow Street, part of the East… Read more »
Audacy is subleasing nearly half of its 65,000-square-foot headquarters at 2400 Market Street in Center City Philadelphia. The company is making about 32,400 square feet of space available as it adapts to hybrid work schedules and evolving office needs. Despite the downsizing, Audacy will maintain its studios for six local radio stations and continue to… Read more »
The Philadelphia commercial office market has experienced a major shift in buyer activity over the past 12 months, with private investors and end users stepping in as traditional institutional players pull back. Private buyers now account for 66% of office sales, up from a 10-year average of 51%. This 15-point increase represents the most significant… Read more »
The federal government has scaled back its plans to significantly reduce its real estate holdings, opting to maintain two Securities and Exchange Commission offices that were previously slated for closure. Among them is the SEC’s Philadelphia regional hub, providing a notable boost to the city’s office market, which continues to recover from pandemic-related vacancies. The… Read more »
Centre Square, Philadelphia’s largest office property, is being marketed for sale even as it remains tied up in an ongoing foreclosure case. Located at 1500 Market Street, just west of City Hall, the 1.76 million-square-foot complex includes the 36-story East Tower, the 43-story West Tower, and a 450-space parking garage. Once one of the city’s… Read more »
