Three years after buying Chesterbrook corporate park and its 1.1 million square feet of office space, Rubenstein Partners is making progress on a $50 million repositioning of the suburban campus. The Philadelphia real estate firm spent $10 million converting a vacant, 41,331-square-foot office building at 851 Duportail Road to house a fitness center, conference space,… Read more »
Ten years after buying 1900 Market St. in Philadelphia for $34.8 million, Brandywine Realty Trust has put the 456,922-square-foot building up for sale. The building, which is fully leased, could potentially trade for an estimated $200 million. The 8-story building will test investor interest in Center City office buildings, an asset class that has lost… Read more »
Philadelphia Electrical & Technology Charter School has paid just over $14 million for 1709 Benjamin Franklin Parkway in Center City and is spending roughly the same amount to renovate the 68,000-square-foot building in time to move in this fall. The seller was Pearl Properties, a Philadelphia real estate company that bought the building from the… Read more »
A New York real estate firm, has acquired 1512 Walnut St., one of Philadelphia’s premier High Street properties, for $13.5 million. . This is the second investment in Philadelphia for Six Acre, which was formed two years ago by Mark Lansman and Jake Borden in New York with plans to eventually relocate the firm to Philadelphia. Six Acre is working… Read more »
As the Covid Pandemic begins to subside, many questions about how we work and from where remain unanswered. Will total demand for space decline and if so to what degree? How do employers retain valuable employees, provide the flexibility employees are demanding, while maintaining productivity? As employees return to work, will employers change the way… Read more »
In Center City West, numerous developments are under construction or are in planning stages. At 60 North 23rd Street, the two-tower Riverwalk complex stands next to the Schuylkill River. Designed by Gensler and developed by the PMC Property Group, the north tower stands 315 feet tall and 28 stories, while the south tower stands 363 feet tall and 32 stories high. The project… Read more »
The new $200 million Morgan Lewis & Bockius headquarters under development at 2222 Market St. in Center City is heading into the final stretch with the glass enclosure of the building expected to be completed this summer. Once that is done, the interior fit out of the space will begin and anticipated to take another… Read more »
Lutron Electronics Co. Inc., a maker of lighting dimmers and window shading systems that is headquartered in Coopersburg, has leased office space at Seven Tower Bridge in Conshohocken. A spokeswoman for the company confirmed it leased space in Seven Tower and plans to occupy it by the end of the year. It leased a floor… Read more »
Substantial development progress continues in Center City West, with multiple new buildings transforming the neighborhood. Over the course of the past year, 2222 Market Street has risen 295 feet tall and 20 stories above ground. Designed by Gensler and developed by Parkway Commercial Properties, the building is poised as the new headquarters for law firm Morgan, Lewis, Bockius LLP, and will… Read more »
Temple University has signed a five-year lease on its existing space at 1515 Market St. in Center City, according to landlord Accesso Partners. The school signed the deal on the space totaling 130,213 square feet on floors two through six, a portion of the ground-level space, the plaza and the concourse. The university has been… Read more »
