Philly Office Space

Philly Office SpaceWolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate brokerage firm, specializes in representing Philly office space for buyers, tenants, investors and sellers throughout the Greater Philadelphia region.

Strategically located between New York City and Washington, D.C., and easily accessible via a major international airport, Amtrak’s north-south corridor and several major highways, Philadelphia office space offers global, national and regional companies a highly desirable location in which to conduct business.

As experts in Philadelphia commercial real estate services, the team at our Philly commercial real estate brokerage firm provides ongoing detailed information about Philadelphia office properties to our clients and prospects to help them achieve their real estate goals. At Wolf Commercial Real Estate, our Philadelphia commercial real estate services encompass the highest quality of service and proven expertise.

Philly Office Space Property Owner Representation

WCRE, a leading Philadelphia commercial real estate broker, helps owners of Philly office space for sale or lease put tenants or buyers in their properties through a defined marketing process that is tailored to each property and sub-market. Our proven marketing strategy is implemented by commercial real estate professionals who are experts in the Greater Philadelphia-area office markets, providing the unparalleled levels of Philadelphia Property Owner Representation. As a premier Philadelphia commercial real estate brokerage firm, we treat your Philadelphia office properties as if they were our own and work closely with you as part of our total commitment to client-focused relationships.

Philly Office Space Tenant Representation

For companies and individuals seeking to lease or acquire new Philly office space, Wolf Commercial Real Estate will identify the office space that best suits your needs, whether in the Greater Philadelphia area or anywhere in the country. Through our Philadelphia Tenant Representation services, we ensure that the sale or lease terms of the Philadelphia office space or any other new property are tailored to meet your goals. As a full-service Philly commercial real estate broker, we assist in the relocation analysis process from start to finish, facilitating a smooth transition into your new Philly office space and serving as your strategic partner invested in your long-term growth and success.

For more information about Philadelphia office space for sale or lease or about commercial properties for sale or lease elsewhere in the United States, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, the premier Philly commercial real estate brokerage firm.

About Us

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate services, marketing commercial offices, medical properties, investment properties, industrial properties, land parcels and retail buildings for buyers, tenants, investors and sellers in the Greater Philadelphia area and beyond. Please visit our websites for information about our Philadelphia commercial real estate services for office space, retail space, medical space, investments, industrial space or land for sale or lease, or for information about other commercial real estate listings and commercial real estate services from Wolf Commercial Real Estate, the leading Philly commercial real estate broker.

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Ensemble buys more buildings at Philadelphia Navy Yard for $83M

 

Ensemble Real Estate Investments has bulked up on its Philadelphia Navy Yard holdings and paid $83 million for a three-building portfolio.

The purchase of the properties means Ensemble has solidified its presence at the Navy Yard, establishing a critical mass at the site and stepping in where Liberty Property Trust left off. The real estate company now owns or holds interests in nine buildings totaling 1.1 million square feet at the South Philadelphia site and has invested a total of $360 million there.

More than half of its holdings, or five buildings totaling 550,000 square feet and an investment of $155 million, involve buildings that have manufacturing, laboratory, R&D and office space used for the development of immunotherapies, including cell-gene therapy. They house life science companies such as Adaptimmune Therapeutics, which maintains its U.S.

Long Beach, Calif.-based Ensemble is also part of a team named in July to develop 109 acres that is expected to reshape the next phase of the Navy Yard and it also controls several other sites that can be developed.

In its latest acquisition, the company purchased:

  • 400 Rouse Blvd., a 140,000-square-foot office and laboratory building;
  • 4751 League Island Blvd., an 82,000-square-foot building; and,
  • 150,000-square-foot building at 4701 League Island Blvd.

All of the buildings are leased on a long-term basis to WuXi AppTec, which is one of the largest tenants at the Navy Yard.

“This is a critical component to our portfolio at the Navy Yard and to our growth strategy,” said Mark Seltzer, senior vice president of development with Ensemble. “Wuxi is the driver of the life science cluster at the Navy Yard. They serve as the gateway to the new development and next phase of the Navy Yard.”

Wuxi located to the Navy Yard in 2004 when it opened a 75,000-square-foot contract testing and manufacturing facility. It continued to grow over the years, adding a non-viral cell therapy manufacturing facilities and, in 2017, established an advanced therapy unit to bolster its U.S.-based cell and gene therapies. Earlier this year, Wuxi moved into 400 Rouse, which houses an advanced therapies testing facility and doubled its testing capacity for gene and cell therapies.

Life science companies prefer these two and three-story buildings that enable them to conduct research and manufacturing on single floors.

“They want to be in a horizontal environment and that’s what makes the Navy Yard attractive,” Seltzer said. These companies also like the Navy Yard’s proximity to Philadelphia International Airport and University City, where there’s a labor force from which to draw.

In addition to the Wuxi buildings, Ensemble owns at the Navy Yard a Courtyard by Marriott and four office buildings including One Crescent Drive, 150 Rouse Blvd., 201 Rouse Blvd., and 1200 Intrepid Ave.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our  Philadelphia commercial real estate brokerage firm.

WeWork is closing one of its 5 Philly locations at the end of the month

WeWork, the coworking giant with locations across the globe and major hubs in New York and California, will be closing its 1430 Walnut Street location at the end of the month, tenants were told Monday.

In an email to members that Technical.ly obtained, the company said it had been conducting an in-depth review of its “global real estate portfolio in order to optimize our assets and operations around the world.”

“In line with that effort, we have decided to close the WeWork location at 1430 Walnut St.,” the email read. The coworking company moved into the building, shared with the Cheesecake Factory and Verizon, in 2016.

The move-out date for tenants is by Sept. 30, and the company said it will work with them to move into spots at one of the coworking company’s four other Philly locations. WeWork currently has three other Center City locations, and one in Northern Liberties.

A WeWork spokesperson told Technical.ly that the plan to close this location came before the coronavirus pandemic forced workers to abandon offices. It came as part of the company’s outline of its five-year plan, they said. There’s no plan to close additional offices in Philadelphia, they added.

“In streamlining our portfolio towards profitable growth, we have decided to move on from WeWork 1430 Walnut in Philadelphia,” the spokesperson said. “With four excellent, alternative WeWork locations in the immediate area, we remain committed to the Philadelphia market and look forward to providing our members here with first-class, flexible space solutions.”

The Rittenhouse-adjacent location appears to be one of a handful of WeWork offices that have been slated to close in the last few weeks, as locations in Durham, North Carolina, and Miami, Florida, are also being cleared out. It also terminated a lease for a planned Baltimore location in July.

The coworking company pulled its IPO last year to “focus on our core business, the fundamentals of which remain strong,” WeWork’s then-co-CEOs Artie Minson and Sebastian Gunningham said in a statement at the time.

Many voiced skepticism around the $47 billion valuation assigned to it in the private markets by SoftBank, its biggest backer, and the company removed Adam Neumann as its CEO last fall. Amid the fallout, the company laid off 2,400 workers in November of 2019 and began a 90-day plan to divest from “non-core businesses” it had bought including Meetup.com and women-focused coworking space The Wing.

Jeremy Peskin, a tenant of the 1430 Walnut street location and cofounder of legal tech startup Docketwise, told Technical.ly that he currently has two office spaces at the soon-to-close location. He’d been in the space for three years, and has been happy with their setup.

“Everyone on our team has the option to work remotely and we would want private offices wherever we go, but we do still find coworking appealing for the shared amenities and simplicity,” Peskin said.

On Tuesday, Peskin said he learned that WeWork wouldn’t be letting tenants out of their contracts with the company unless they resign a new contract in one of the company’s four other Philly locations. They’ve offered an office at another location, he said, as their lease doesn’t end until January 31.

Neighborhoods surrounding Center City aren’t lost for options outside of WeWork, though — Philadelphia clocked in more than 1.1 million square feet of flexible work space at the end of 2019. (Check out our 2020 coworking guide here). Within a few blocks of the closing WeWork location are coworking spots The Yard,1776 Rittenhouse, MakeOffices, CultureWorks and Spaces.

*Article courtesy of Technical.ly

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215–799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia office commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia  commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of  Philadelphia commercial properties for lease or sale through our  Philadelphia  commercial real estate brokerage firm.

Nerd Street Gamers takes space on North Broad Street in Center City 

Nerd Street Gamers has expanded in its hometown and leased 35,000 square feet at 401 N. Broad St. in Philadelphia, according to sources familiar with the matter.

The deal is the latest move for the fast-growing, Philadelphia esports company. Nerd Street raised $10 million earlier this summer and is looking to raise a total of $35 million by the end of the year to support its expansion across the country.

The company is focused on adding more than 100 esports venues called Localhosts in Five Below stores, sports stadiums and college campuses over the next five years. The company so far has locations in Austin, Denver, Los Angeles and in Philadelphia at the Wells Fargo Center in South Philadelphia and at its home base at 908 N. 3rd St.

The venues provide a space where people can game together for a fee and participate in amateur tournaments. The new location at 401 N. Broad is expected to be another such venue.

“We’re excited about our venture with Nerd Street Gamers,” said Jerry Marshall, CEO of Amerimar Enterprises Inc. and Netrality Properties, which owns 401 N. Broad. Marshall declined to elaborate other than to say more details would be disclosed in September.

An effort to reach a representative from Nerd Street for comment was unsuccessful.

The building at 401 N. Broad, originally constructed in 1930 for Reading Co., is not a typical office property and is seemingly made for Nerd Street’s business model. The 11-story, 1.3-million-square-foot building was redeveloped into one of the most important telecom hotels along the East Coast. The property is considered the most fiber-dense, network-neutral facility between New York and Virginia.

The building is a significant center for data and internet traffic and offers data center infrastructure for carriers and service providers. One of the main characteristics that attracts telecom companies to the building is its location, which gives them the ability to tap into so-called long-haul fiber in the region that provides access to fiber routes to Europe.

When Netrality acquired 401 N. Broad, it decided to invest $70 million in renovations that also included taking a portion of the space to create a “Meet-Me-Room,” or MMR. That is a space within a telecom hotel where different networks can come together and connect with each other. In the case of 401 N. Broad, for example, a lot of international connections run through the building. The MMR at 401 N. Broad will be a carrier neutral room.

In addition to Five Below, Nerd Street investors include Comcast Spectacor, Elevate Capital and SeventySix Capital. Five Below CEO Joel Anderson, Comcast Spectacor President Tucker Roberts and Wayne Kimmel of SeventySix Capital all sit on Nerd Street’s board.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Center City Philly Office Space for Lease on JFK Boulevard

Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, now has available Philly office space for lease at 1500 John F. Kennedy Boulevard Philadelphia PA in the 2 Penn Center building.

This well-located Philly office space has 2,488 square feet available at 1500 John F. Kennedy Boulevard Philadelphia PA. This Philly office space for lease presents an excellent Center City sublease opportunity, and the lease term of this Philly office space for lease expires on June 30, 2022.

The asking lease price for this Philly office space at 1500 John F. Kennedy Boulevard Philadelphia PA in the 2 Penn Center building is $28.00 sf full service, a price that is $3.00 sf under the standard asking rent. This office space in Philly is available for immediate occupancy through Wolf Commercial Real Estate, a leading Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

Located in a 20-story Class “A” office facility, this Philly office space for lease at 1500 John F. Kennedy Boulevard Philadelphia PA is part of a 502,531-sf building along the Market Street West corridor. There are four furnished private offices at this Philly office space for lease in the 2 Penn Center building, and there also is a large conference room with an open common area.

This Philly office space for lease at 1500 John F. Kennedy Boulevard Philadelphia PA in the 2 Penn Center building has a kitchenette, and – in addition – there are upgraded common corridors and restrooms at this Philly office building.

More than 73,000 people live within a one-mile radius of this Philly office space for lease in the 2 Penn Center building that is available through Wolf Commercial Real Estate, a leading Philly commercial real estate broker. The average household income within that same distance of this office building in Philly at 1500 John F. Kennedy Boulevard Philadelphia PA is $80,557.

For more information about this Philly office space for lease in the 2 Penn Center building, or about any other Philly commercial properties for sale or lease, please contact Ty Martin (215-799-6144; ty.martin@wolfcre.com) at Wolf Commercial Real Estate, the foremost Philly commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings, and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

Fully Approved Philly Office Space for Sale or Lease

Wolf Commercial Real Estate, the foremost Philly commercial real estate broker with experience in Philly commercial real estate listings and services, now has available a fully approved, 128,000 square foot development of Philly office space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA.

This Philly office space for sale or lease – designed with tenant medical applications in mind – is being offered by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services. Please call for the asking sale price and the asking lease price of this Philly office space for sale or lease.

The main building of this Philly office space for sale or lease contains +/- 120,000 sf in five stories while the ancillary building of this Philly medical office space for sale or lease has +/- 8,000 sf on one floor. Overall, this Philly office space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA sits on more than seven acres.

This office space for sale or lease in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This office space for sale or lease in Philly is intended to provide premier medical space for Northeast Philadelphia. There also are branding and naming opportunities for this office space in Philly at 2201 East Allegheny Avenue Philadelphia PA. In addition, the tenant of this office space in Philly will receive a 10-year Philadelphia tax abatement for new construction.

This office space for sale or lease in Philly is just a half-mile from the Allegheny Station of the SEPTA Regional Rail Line and this Philly medical office space for sale or lease also is that same distance from Exit 25 of Interstate 95.

The land surrounding this Philly medical office space for sale or lease can be configured to offer ample parking opportunities for employees and patients. This office space in Philly is in the gentrified Port Richmond neighborhood of Northeast Philadelphia.

For more information about this Philly office space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA, or about any other Philly commercial properties for sale or sale or lease, please contact Chris Henderson (856-857-6337; chris.henderson@wolfcre.com), Andrew Beauchemin (215-799-6145; andrew.beauchemin@wolfcre.com), or Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) at Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease or sale through our Philly commercial real estate brokerage firm.

Well-Located Philly Retail Space for Lease on Passyunk Avenue

Wolf Commercial Real Estate, a leading Philly commercial real estate broker, is now offering premier Philly retail space for lease at 1804-1808 East Passyunk Avenue located in what is known as one of the country’s top restaurant neighborhoods.

There is between 900 sf and 2,800 sf of retail space in Philly available for lease at this property that has 53 feet of street frontage. There also is 20 feet of premier window footage at this Philly retail space at 1804-1808 East Passyunk Avenue Philadelphia PA. Please call for information about the asking lease price for this retail space in Philly.

The segment of Passyunk Avenue in South Philadelphia that is home to this retail space in Philly has been named one of the “Top Ten Foodie Streets in America” by Food and Wine magazine. In addition, Zagat magazine says this Philly retail space for lease is in the city’s top food neighborhood. This Philly retail space for lease at 1804-1808 East Passyunk Avenue Philadelphia PA is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

This recently renovated Philly retail space is a mixed-use property; its zoning designation of CMX-2 opens up this retail space in Philly for a wide range of applications. There are unique interior aspects to this retail space in Philly – such as an exposed brick wall – and there is rear access for potential loading needs at this retail space in Philly.

There are more than 103,000 people living within a one-mile radius of this Philly retail space at 1804-1808 East Passyunk Avenue Philadelphia PA. The average household income in that same area of this retail space in Philly is $46,721. Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, has been retained to market this retail space in Philly.

For more information about this Philly retail space, or about any other Philly commercial properties for sale or lease, please contact Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) or Phil Costa (215-799-6195; phil.costa@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail spaces and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

Philly Office Space for Lease in Morrisville PA

Wolf Commercial Real Estate, a leading Philly commercial real estate broker with expertise in Philly commercial real estate listings and services, now has available Philly office space for lease at 6 East Trenton Avenue Morrisville PA.

This Philly professional office space for lease at 6 East Trenton Avenue Morrisville PA has two suites of finished Philly professional office space for lease totaling 5,300 sf. These two suites of professional office space in Philly are contiguous and can be combined; one contains 4,000 sf of Philly professional space for lease while the other is 1,300 sf.

Please call for the asking lease price for this professional office space in Philly. This Philly office space for lease is being offered by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services. This Philly office space for lease is a full-service lease opportunity.

Eventual renters will join ground-floor anchor-tenant Bank of America at this Philly professional office space for lease, and the Calhoun Street Bridge to New Jersey is just one minute away from this Philly office space for lease. Leasing opportunities for this professional office space in Philly are available through Wolf Commercial Real Estate, a leading Philly commercial real estate broker with expertise in Philly commercial real estate listings and services.

This Philly office space for lease is located just off Route 1 with easy access to I-295 and I-195. This professional office space for lease in Philly is across from the Morrisville Shopping Center. Nearly 134,000 residents live within a three-mile radius of this office space for lease in Philly and the average household income in the same area surrounding this Philly office space for lease is $59,697.

For more information about this Philly office space for lease at 6 East Trenton Avenue Morrisville PA, or about any other Philly commercial properties for sale or lease, please contact Ty Martin (215-799-6144; ty.martin@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings, and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for lease or sale through our Philly commercial real estate brokerage firm.

Prime Philly Office Space for Lease in Audubon PA

Wolf Commercial Real Estate, the leading Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is offering prime Philly office space for lease at 904 Jefferson Avenue Audubon PA.

This Philly office space for lease at 904 Jefferson Avenue Audubon PA contains a total of 18,468 sf of divisible Philly office space for lease. Ideal for many professional uses, this Philly office space for lease is a shell space that would enable a custom tenant fit-out. This office space in Philly has 16-foot to 22-foot exposed ceiling and there is a new HVAC system at this Philly office space for lease.

The asking lease price for this office space in Philly is $24.00 sf gross plus electric. This Philly office space for lease is being offered through Wolf Commercial Real Estate, a Philly commercial real estate broker with expertise in Philly commercial real estate listings and services.

This Philly office space sits on two-plus acres and there are more than 100 parking spaces at this Philly office building for lease. There also is new local ownership in place at this Philly office space for lease. The Jefferson Avenue and Eisenhower bus stop is adjacent to this Philly office space for lease at 904 Jefferson Avenue Audubon PA.

More than 148,000 people reside within a five-mile radius of this office space in Philly while the average household income in the same geographic area near this Philly office space for lease is $95,266. This Philly office building is available for lease through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services.

For more information about this Philly office space for lease at 904 Jefferson Avenue Audubon PA or about any other Philly commercial properties for lease, please contact Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) or Chris Henderson (215-799-6900; chris.henderson@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

Brandywine sells 30% stake in Commerce Square for $115M

Brandywine Realty Trust has sold a 30% stake in One and Two Commerce Square for $115 million, raising money to invest back into the company’s future projects.

Brandywine, a Philadelphia real estate investment trust, said it closed on the transaction with an undisclosed global institutional investor in a deal the company values as a $600 million joint venture. A Brandywine spokeswoman said that at the request of the investor, the company isn’t divulging the name at this time.

Brandywine, which released second quarter results late Wednesday, is scheduled to have a quarterly earnings call Thursday.

As part of the deal, Brandywine (NYSE: BDN) and the undisclosed buyer will invest $20 million into the 1.9-million-square-foot Center City office complex. The transaction is subject to an existing $222 million mortgage, and Brandywine said it raised around $100 million in net cash proceeds as part of the transaction.

Brandywine said it will continue in its role as property manager and leasing agent for the two, 40-story building complex that totals 1.9 million square feet. Commerce Square includes a 519-space underground parking garage and a 30,000-square-foot courtyard.

Tenants include Ernst & Young, Pew Charitable Trusts and Stradley Ronon Stevens & Young.

“This transaction creates a valuable partnership with one of the world’s top real estate investors, marking their first direct office investment in downtown Philadelphia,” Brandywine said in a statement.

The deal with the investor allows it to be passive and gives Brandywine the ability to raise capital without diluting shareholder value.

Brandywine also said the deal positions Commerce Square for continued growth and will generate $100 million “to accelerate the execution of our business plan.”

Commerce Square was built in the late 1980s and early 1990s. Brandywine said it will record a gain on the transaction during the third quarter in excess of $270 million subject to final closing settlements.

Brandywine Realty Trust purchased One and Two Commerce Square in 2013 for $331.8 million, or $175 a square foot. The company acquired the properties from Parkway Properties Inc., which merged with Thomas Properties Group Inc.

The deal helped solidify Brandywine as the lead landlord of Center City trophy space.

Brandywine reported second-quarter funds from operations — a key industry metric for REITs — of $57.7 million, or 34 cents per share, down from $62.2 million, or 35 cents per share, in the year ago period.

*Article courtesy of Philadelphia Business Journal

For more information about Philly office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm

Philly Office Space for Lease on Jefferson Avenue in Audubon

Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, now has available Philly office space for lease at 904 Jefferson Avenue Audubon PA.

The asking lease price for this office space in Philly at 904 Jefferson Avenue Audubon PA is $14.00 sf gross plus utilities. This Philly office space for lease is a shell space that enables custom tenant fit-out.

This office space in Philly available for lease is a divisible 18,486 sf. Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services, is handing all lease negotiations for this office space in Philly.

There is exterior building signage available at this Philly office space for lease at 904 Jefferson Avenue Audubon PA, and it sits on more than two acres of land. This office space in Philly has more than 100 parking spaces.

This Philly office space for lease has a new HVAC system. This office space in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

More than 148,000 residents live within a five-mile radius of this Philly office space for lease at 904 Jefferson Avenue Audubon PA through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.  The average household income in the same five-mile radius of this Philly office space for lease is $95,266.

For more information about this Philly office space for lease at 904 Jefferson Avenue Audubon PA about any other Philly commercial properties for sale or lease, please contact Chris Henderson (856-857-6337; chris.henderson@wolfcre.com) or Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings, and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease through our Philly commercial real estate brokerage firm.