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 »
WCRE is proud to have exclusively represented Sadek & Cooper, in the leasing of 3,468 square feet of office space located at Two Penn Center, 1500 JFK Blvd., Philadelphia, PA from Crown Two Penn Center Associates, LLP an entity controlled by ASI Management. Sadek & Cooper is a multi-disciplinary law firm specializing in both Family Law and Bankruptcy. Sadek & Cooper offers an array… Read more »
Rawle & Henderson will cut its office space in half when it relocates its Philadelphia headquarters from the Widener Building to 1500 Market St. next year. The venerable litigation defense firm has been located in the Widener Building at 1339 Chestnut St. since 1989. It will be moving into parts of two of the six… Read more »
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 »
