New York developer TF Cornerstone is expected to convert the office portion of the historic Wanamaker Building into residential units after completing foreclosure proceedings, according to a source familiar with the plans. Foreclosure on the 1.4 million-square-foot Center City property is set to progress early next year. TF Cornerstone, which acquired the majority of the… Read more »
Philadelphia developers Lubert-Adler Real Estate Funds and Keystone Development and Investment are finalizing a deal to purchase the Bourse building and 400 Market St., according to multiple industry sources. The joint venture plans to convert these Old City properties to new uses. This purchase marks Lubert-Adler’s latest investment in converting historic properties during the office… Read more »
While office values plummet and vacancy rates reach record highs, developer Ori Feibush sees the buyer’s market as “the best real estate opportunities we’ve seen in our professional lives.” To demonstrate this, he recently acquired a five-story Old City building that’s 30% occupied, with plans to keep it as office space. Feibush, president of OCF… Read more »
An increasingly pressing question looms over older office buildings in Center City: What fate awaits them? Some local developers speculate that aging, lower-quality high-rises might vanish from Philadelphia’s skyline. While demolition is a typical aspect of the real estate cycle, the prospect of dismantling 30-story office towers is both rare and striking. However, extreme situations… Read more »
A five-story Center City West office building is for sale, offering conversion potential in a rapidly developing area of Philadelphia. Owned by the American Red Cross, the 52,676-square-foot building at 2221 Chestnut St. includes 20 underground parking spaces and is situated between the central business district, Rittenhouse Square, and University City. Recently assessed at $12.2… Read more »
A two-story office building in Center City, located at 2042-2048 Arch St. in Logan Square, is now available for purchase, presenting a prime redevelopment opportunity. Positioned between two notable projects, the property spans 17,940 square feet and sits on the southeast corner of 21st and Arch streets. Adjacent to the east, Parkway Corp. is underway… Read more »
Parx Casino’s owner, Greenwood Racing Inc., bought two office buildings near the Bucks County gaming site for $12.5 million. The purchase, completed in February, includes Two and Three Greenwood Square at 3329 and 3331 Street Road in Bensalem. These buildings, part of the Greenwood Square Corporate Center, were constructed in the late 1980s and offer… Read more »
Despite the tumultuous fluctuations in the Philadelphia office market last year, resourceful developers, investors, and companies demonstrated resilience by engaging in office sales activities. Prior to 2020, office buildings were dominant, consistently commanding top prices in commercial real estate. However, the enduring impact of the pandemic disrupted this trend. As the future of in-person work… Read more »
Wolf Commercial Real Estate has been appointed as the leasing agent to market 1719 Chestnut Street, Philadelphia, Pennsylvania. The property has +/- 3,300 sqaure feet available for lease. 1719 Chestnut Street is ideal for retail or office users. The property has an open floor layout with three private offices, a conference room, and elevator access…. Read more »
Wolf Commercial Real Estate has been appointed as the leasing agent to market 1760 Market Street, Philadelphia, Pennsylvania. 1760 Market Street is a Class ‘A’ office building that is available for sublease. Discover an available space of +/-5,636 SF with sublease information extending through April 30, 2029. 1760 Market is ideal for a professional services… Read more »
