Brandywine Realty Trust has arranged another joint venture with an undisclosed global institutional investor to proceed with the development of 3151 Market St., a proposed $307 million building in the University City neighborhood of Philadelphia that will cater to life sciences tenants. Brandywine (NYSE: BDN) is also exploring ways to expand its B.Labs incubator in… Read more »
One of the nation’s largest banks is opening an innovation center in Center City that will house 100 new technology jobs. Capital One said it has leased space at 1735 Market St., where it plans to hire software engineers, product managers and technical roles to work on “challenging technology problems.” Jay Michelini, head of technology… Read more »
Pharmacy chain Rite Aid has moved to accommodate a more remote workforce, downsizing and relocating its headquarters to Philadelphia and selling its former one in central Pennsylvania. The retailer this week unveiled its new base on the second floor of 1200 Intrepid Ave. in Philadelphia’s Navy Yard district. It’s a 23,000-square-foot space that Rite Aid in a… Read more »
Financial and information services firm GLG is opening its third major U.S. office in Philadelphia at the Bourse building. The company is investing $2.5 million in the office project, and also received $250,000 from the state in the form of a Pennsylvania First grant. GLG has opened a temporary office space in the Bourse already,… Read more »
More than two years into the pandemic, thousands of employees continue to work remotely in the suburbs rather than commute into the city, according to a new report by Pew Charitable Trusts. The permanent trend toward remote work is contributing to Philadelphia’s tepid economic rebound from the COVID-19 pandemic and a decline in the total… Read more »
BET Investments Inc. has closed on the purchase of Prudential Insurance Co.’s 90-acre campus, paying $30.25 million for the property that is visible from the Pennsylvania Turnpike. The property at 2101 Welsh Road in Upper Dublin has three interconnected office buildings that total 861,000 square feet and surface parking lots that have 2,175 spaces. Prudential… Read more »
Seven years ago this July, Scout Ltd. closed on buying the 8-story, 338,000-square-foot Edward W. Bok Vocational School at 1901 S. 9th St. in South Philadelphia. The hulking building was vacant at the time and Lindsey Scannapieco, Scout’s managing partner, had ambitions to convert the former school, which she described in a recent interview as a “giant castle,”… Read more »
The Philadelphia Inquirer has signed a long-term lease at 100 Independence Mall West for its new headquarters, which is set to accommodate increased hybrid and remote work. The 193-year-old newspaper is set to occupy 36,744 square feet on the sixth floor of 100 Independence Mall West, a 419,175-square-foot office building owned by Keystone Development + Investment that… Read more »
Hybrid, a United Kingdom digital media firm that counts Thomas Jefferson University among its biggest clients, has selected Philadelphia for its U.S. headquarters and plans to grow the new office to 80 employees over the next two to three years. After the company conducted an analysis of cities that considered a variety of factors including… Read more »
An entity affiliated with Alterra Property Group has sold a commercial condominium housing a new Giant Heirloom at 801 Market St. in Philadelphia for $21.63 million. The entity, 801 Market Partners LLC, sold the 32,000-square-foot space to Realty Income Trust of San Diego (NYSE: O). Alterra, a developer, bought the commercial condo from PREIT for… Read more »
