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 »
Alarms Ringing for Office Market: When the loan on Philadelphia’s largest stand-alone office building at 1500 Market St. moved to special servicing in August, it didn’t register much alarm at the time, according to a new report by Morningstar Credit Information & Analytics. After all, the property’s performance metrics were significantly below underwritten expectations for a loan securitized… Read more »
Penn State University has listed two Philadelphia Navy Yard buildings totaling 65,057 square feet for sale as the school relocates remaining offices at the locations elsewhere. The buildings had been used for academic programming, research, startup incubator space and events. Those uses have already moved out while some administrative offices remain but will also eventually… Read more »
A historic Center City institution has acquired two neighboring buildings in an effort to expand its educational programs and community services. The College of Physicians of Philadelphia, located at 19 S. 22nd St., purchased the nearby property at 2129 Chestnut St. for $9.275 million from Corporate Facilities Inc., a workspace designer and furniture manufacturer based… Read more »
Alterra Property Group’s deal to buy the office building at 1701 Market St. from LXP Industrial Trust, with plans to convert it into apartments, has fallen through. Philadelphia-based Alterra went under contract on the Center City property in the fall, Alterra Managing Partner Leo Addimando said. The company terminated the contract three weeks ago, said Addimando, citing… 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 »
BET Investments Inc., known for mixed-use developments in the Philadelphia suburbs, has purchased an office building and adjacent parking lot in Ambler next to the SEPTA Regional Rail station. Property records show the company paid $12.8 million for the two-story, 66,500-square-foot office building at 100 W. Butler Ave. and the parking lot across South Maple… 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 »
