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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Parent of Independence Blue Cross closes on $360M purchase of HQ

Independence Health Group, parent company to Independence Blue Cross, has closed on buying its Center City headquarters building for $360 million, or $450 a square foot.

The Philadelphia Business Journal first reported last month that Independence had put the 800,000-square-foot building at 1901 Market St. under contract.

Piedmont Office Realty Trust Inc. (NYSE:PDM) was the seller of the 45-story building, which it acquired for $174 million in 2003. Piedmont is based just outside of Atlanta.

Independence is the region’s largest health insurer and had previously owned the 31-year-old skyscraper. It sold 1901 Market St. in the mid-1990s to Prudential Insurance Co. for what was believed to be around $150 million.

“The purchase of our headquarters at 1901 Market Street is a special moment for our company. More importantly, it signifies our long-term commitment to this neighborhood, the City of Philadelphia and to the amazing people who live and work here,” said Independence Health Group CEO Daniel J. Hilferty, in a statement.

Nearly 2,500 of the insurance company’s employees work from the building.

Since it was built, the building has been associated with the insurer and has become part of its brand. It is a prominent building in Philadelphia’s skyline and has Independence Blue Cross’ name on top of it. Over the last eight years, more than $110 million in upgraded were made to the building including a new lobby, outdoor plaza, renovations throughout for a more modern look, new mechanical systems and other amenities.

The insurer occupies other space along West Market Street including 218,000 square feet across four floors at 1900 Market St.

The roughly $450 per square foot sale price represents one of the top transactions for a Philadelphia office building on a per-square-foot basis. However, it doesn’t break the record of $628 per square foot set by the 2018 sale of GlaxoSmithKline’s headquarters at the Philadelphia Navy Yard.

Independence recently invested upwards of $100 million in top-to-bottom upgrades to the building.

The insurer, one of Center City’s largest employers, has had a commitment to the building for the long term. Independence Blue Cross has a lease on the space until 2033 and has two 10-year options to remain in the space.

Independence Blue Cross saw its profit more than quadruple in 2018, largely because of a significant decline in medical claims spending. The insurer generated a profit of $324 million on revenue of $16.3 billion. In 2017 the parent company of Independent Blue Cross has a net income of $77 million and revenues of $16.4 billion. It ended 2018, the most recent financials available, with a $2.9 billion surplus, which is in the “efficient” range as defined by the Pennsylvania Insurance Department.

*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

West Philadelphia mixed-use portfolio sells for $15.4M 

A Brooklyn real estate company has picked up a three-building portfolio in the Parkside area of West Philadelphia for $15.37 million.

Leser Group bought the properties from Rockland Capital, a Philadelphia real estate company that assembled and developed the buildings that have a mix of retail and office space.

The portfolio totals 97,200 square feet. The sale breaks down to about $158 per square foot.

The sale included:

  • 4952-64 Parkside Ave., an 11,898-square-foot building developed in 2019 that is fully occupied by Santander Bank and DaVita Inc.; 5050 Parkside Ave., which is a 29,576-square-foot building occupied by Oak Street Health and Goodwill Industries; and
  • Parkside Lofts, a five-story, 36,720-square-foot office building at 4946 Parkside Ave. that is fully occupied with 12 tenants. 

Listed for sale but didn’t sell was 4942-44 Parkside Ave., a vacant 18,982-square-foot building. That remains on the market.

Rockland assembled and developed these properties over several years and decided it was time to sell, said Derrick Dougherty.

What made the transaction unique at this particular time is it was the first deal Dougherty and his team closed on during the last three months that involved a lender, he said. In contrast, the previous five deals they have recently completed were all-cash transactions. Dougherty took that as a good sign.

“The world is starting to normalize and lenders are starting to have more appetite for retail and office properties,” he said.

American Heritage Federal Credit Union was the lender in this transaction and the financial institution has had a long-standing relationship with the buyer, Dougherty said. In addition, the properties in the portfolio have performed well during the pandemic with tenants paying rent and was unscathed by recent protests, all of which helped the deal get done.

Many of the retailers were deemed essential and remained open during the coronavirus. The office space is occupied by home care, government and local professional tenants.

The portfolio came on the market during the latter half of last year and was put under agreement in December.

*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.

Freestanding Philly Office Space for Lease in Audubon

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

The shell space that enables a custom tenant fit-out at this Philly office building for lease at 904 Jefferson Avenue Audubon PA contains approximately 18,468 square feet of divisible Philly office space for lease.  This office space for lease in Philly at 904 Jefferson Avenue Audubon PA is situated on two-plus acres and has more than 100 parking spaces.

The asking lease price for this office space in Philly at 904 Jefferson Avenue Audubon PA is $24.00/sf gross plus electric. This Philly office space for lease is being offered by Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This office space for lease in Philly has 16-foot to 22-foot exposed ceilings and this office space in Philly has a new HVAC system. There is exterior building signage available at this Philly office space for lease at 904 Jefferson Avenue Audubon PA.

There is local ownership in place at this office space in Philly from 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 adjacent to the Jefferson Avenue/Eisenhower Road bus stop.

More than 148,000 potential customers 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 Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) or Chris Henderson (856-857-6337; chris.henderson@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.

$100M development in University City lines up another tenant

The Barer Institute, a collaborative cancer drug development initiative started by Rafael Holdings, Inc., intends to lease space at the planned 3.0 University Place development in University City.

The institute signed a non-binding letter of intent to occupy 2,500 square feet on the fifth floor of the building that will feature 10 other suites totaling 2,500 square feet each and dedicated to startup companies. The developer refers to these spaces as “Growth Pods.”

The Barer Institute is a subsidiary of Rafael Holdings (NYSE: RFL) of Newark, N.J. The company owns commercial real estate properties in North Jersey and Israel and also owns interests in two clinical-stage pharmaceutical companies focused on the development and commercialization of oncology drugs.

The pending lease helps fill some of the space at the proposed $100 million, 250,000-square-foot building that is being developed at 41st and Market streets by University Place Associates, a Philadelphia real estate company that has built two other buildings in the vicinity of 30th and Market streets and has plans to build a bigger campus there. In April, the Wistar Institute, a nonprofit research organization, entered into a long-term lease on 8,000 square feet for up to 10 years. Wistar has an option to take additional space in the future.

Other tenants that have committed to the building include Ben Franklin Technology Partners and Fulton Bank. In all, 80,000 square feet is leased so far.

Barer taking space in the building is a testament to leveraging Wistar’s presence as an “anchor-collaborator and strategic tenant,” said Anthony Maher, president of UPA. “We think it’s a powerful narrative and we think there will be more,” he said.

UPA is marketing the remaining space to tenants and there has been interest, Maher said. The second floor is the biggest at 39,000 square feet, and the company is dedicating that to cell-gene companies who want to manufacture in University City.

UPA expects to have its permit in June and to break ground on the project soon afterward, Maher said. It is finalizing financing now between two groups, he said.

“There is a lot of dry powder on the sidelines interested in our project,” Maher said. “They are now calling the life science-lab market the hottest and most preferred asset class that will lead coming out of Covid.”

*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.

Exclusive: Independence Blue Cross buying Center City skyscraper 

The Barer Institute, a collaborative cancer drug development initiative started by Rafael Holdings, Inc., intends to lease space at the planned 3.0 University Place development in University City.

The institute signed a non-binding letter of intent to occupy 2,500 square feet on the fifth floor of the building that will feature 10 other suites totaling 2,500 square feet each and dedicated to startup companies. The developer refers to these spaces as “Growth Pods.”

The Barer Institute is a subsidiary of Rafael Holdings (NYSE: RFL) of Newark, N.J. The company owns commercial real estate properties in North Jersey and Israel and also owns interests in two clinical-stage pharmaceutical companies focused on the development and commercialization of oncology drugs.

The pending lease helps fill some of the space at the proposed $100 million, 250,000-square-foot building that is being developed at 41st and Market streets by University Place Associates, a Philadelphia real estate company that has built two other buildings in the vicinity of 30th and Market streets and has plans to build a bigger campus there. In April, the Wistar Institute, a nonprofit research organization, entered into a long-term lease on 8,000 square feet for up to 10 years. Wistar has an option to take additional space in the future.

Other tenants that have committed to the building include Ben Franklin Technology Partners and Fulton Bank. In all, 80,000 square feet is leased so far.

Barer taking space in the building is a testament to leveraging Wistar’s presence as an “anchor-collaborator and strategic tenant,” said Anthony Maher, president of UPA. “We think it’s a powerful narrative and we think there will be more,” he said.

UPA is marketing the remaining space to tenants and there has been interest, Maher said. The second floor is the biggest at 39,000 square feet, and the company is dedicating that to cell-gene companies who want to manufacture in University City.

UPA expects to have its permit in June and to break ground on the project soon afterward, Maher said. It is finalizing financing now between two groups, he said.

“There is a lot of dry powder on the sidelines interested in our project,” Maher said. “They are now calling the life science-lab market the hottest and most preferred asset class that will lead coming out of Covid.

*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.

Premier Philly Office Space to Sublease Across from City Hall

Wolf Commercial Real Estate, the leading Philly commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services, is offering prime Philly office space to sublease across from City Hall in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA.

The asking sublease price for this office space in Philadelphia is $28.00/sf full service; this is a recent reduction of $3.00 per sf. This Philly office space to sublease is being offered through Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philly commercial real estate listings and services.

This Philly office space has 2,488 sf of Philly office space available to sublease. Prospective tenants will find four furnished private offices at this Philadelphia office space to sublease. This Philly office space to sublease also has a large conference room and an open common area. There also is a kitchenette in the suite of this Philly office space to sublease.

This Philadelphia office space to sublease in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA is in a 20-story, Class A office building and there is more than 500,000 sf total office space in Philly at this location. The lease term on this office space in Philadelphia expires on June 30, 2022.

This Philadelphia office space to sublease in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA has access to the Suburban Station Regional Rail concourse beneath the building and to the nearby Love Park parking garage. This Philly office space to sublease also is conveniently located near I-676, I-76, I-95, Septa, and PATCO.

This Philly office space is available to sublease through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services.

Nearly 74,000 people reside within a one-mile radius of this office space in Philadelphia while the average household income in the same geographic area near this Philly office space to sublease is $80,557.

For more information about this Philly office space to sublease in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA or about any other Philadelphia 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 broker that specializes in Philadelphia 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 Philadelphia 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 Philadelphia commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

Independence Blue Cross tower in Center City goes under contract 

At the height of the coronavirus pandemic, Piedmont Office Realty Trust has managed to get 1901 Market St. under agreement for $360 million.

Known better as the headquarters for Independence Blue Cross, the 45-story, 801,000-square-foot office tower was put on the market in late February and was expected to trade for an estimated $370 million. Piedmont said in a statement that it entered into a binding contract to sell the building for $360 million. The sale is supposed to close this summer, the company said.

No additional information was available, including the name of the prospective buyer.

If the building sells at $360 million, or roughly $450 per square foot, it will be one of the top transactions for a Philadelphia office building on a per-square-foot basis. However, it wouldn’t break the record of $628 per square foot set by the 2018 sale of GlaxoSmithKline’s headquarters at the Philadelphia Navy Yard.

The building was developed in 1987 for Independence Blue Cross, which has a long-term lease on the space until 2033. It has two 10-year options to remain in the space.

The pending deal highlights how some investors continue to scout for deals during the pandemic, and underscores the attractiveness of top-tier properties leased to big-name tenants over the long term.

Piedmont, an Atlanta-based real estate investment trust, bought the building in 2003 for $174 million and in recent years invested $100 million to upgrade the lobby, build out an outdoor plaza and install new mechanical systems. The real estate company also renovated the building’s floors to a more contemporary style and added cafés and other gathering areas.

Atlanta-based Piedmont (NYSE: PDM) focuses on acquiring buildings leased on a long-term basis and most often to single tenants. This is the only building the company owns in Philadelphia and its focus has shifted to the Sunbelt markets of Atlanta, Orlando and Dallas. It said on a Feb. 5 fourth-quarter earnings call that it planned to dispose of 1901 Market and use the “anticipated gain” from the sale of the building to help fund a $400 million acquisition in Dallas, which will become its second-largest market based on revenue.

*Article courtesy 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.

Bucks County office complex sees flurry of leases, nears full occupancy

Biohaven Pharmaceuticals Inc. has leased 21,000 square feet at Makefield Crossing to establish a new, Philadelphia-area presence, and is part of several other deals signed at the Bucks County office complex that chips away at its vacancy.

Ten deals totaling nearly 100,000 square feet were signed at the Bucks County office complex, bringing its occupancy to the low 90% range. When Rubenstein Partners bought the eight-building in 2018 the 467,000-square-foot property was nearly 80% occupied.
Rents have also been on the rise as occupancy has risen. Deals are being signed in the low to mid-$30s a square foot compared with the mid- to high $20s a square foot, said Lou Merlini, a vice president at Philadelphia-based Rubenstein Partners.
Rubenstein has launched a $10 million interior and exterior upgrade as part of an effort to enhance the property cosmetically and provide a series of amenities to retain and attract tenants to the property. Rubenstein paid $85 million for the properties.
Makefield Crossing North consists of five office buildings totaling 190,183 square feet at 1010, 1020, 1030, 1040 and 1050 Stony Hill Road. Makefield Crossing South consists of four office buildings, of which Rubenstein bought three buildings totaling 276,533 square feet at 770, 790 and 800 Township Line Road.
Rubenstein’s plan is to position the property as two separate campuses and each will get a series of renovations. At the north campus, an asphalt parking area in front of the buildings will be replaced with a courtyard that will be activated with seating, food trucks and activities. New landscaping and signage will also be incorporated.
On the interior, lobbies, restrooms and common areas will be renovated and a cafe, lounge, conference area and fitness center will be added and will serve the north campus. The renovations are expected to be completed by this summer. “It’s coming together nicely,” Merlini said.
Biohaven Pharmaceuticals is one of three large deals to get completed at the complex. It is a New Haven, Connecticut, biopharmaceutical company that targets neurological and neuropsychiatric diseases, including rare disorders. The company couldn’t be reached for comment on why it established a Philadelphia-area office or the number of jobs it might produce locally.

In addition to Biohaven, Cello Health renewed and expanded into 22,000 square feet and Jubilant Pharma renewed and expanded into 22,000 square feet. In addition, several undisclosed tenants renewed and expanded, helping to push the vacancy down.

*Article & data 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.

Center City Philadelphia Office Landlords Not Afraid to Ask for More

Given the city’s notorious wage tax and slow-but-steady pace of office leasing, Center City Philadelphia office owners aren’t used to seeing their market listed at the top of the charts in national rankings. This is particularly the case given that the list of office tenants moving into Center City, while growing, is still somewhat limited.

However, Center City Philadelphia’s office market does stand out nationally for its low average vacancy, minimal new construction and a surge in college-educated residents moving into the Philadelphia area’s urban core. These trends are providing local office landlords and brokers the pricing power they need to raise asking rents at some of the fastest rates of any major central business district in the U.S.

The chart above draws on more than 5,400 office space listings with asking rents that have been posted on CoStar since the beginning of 2019. In order to provide a clearer picture of where office landlords are more bullish versus more bearish, this analysis focused on office listings that either increased or decreased their asking rent. Other changes in term or service types, for example from gross rent to triple net, were excluded.

The key takeaway: Office landlords and brokers have raised asking rents by 5% or more on a third of the office space listings in Philadelphia’s Market Street West and Market Street East submarkets since the beginning of last year, while almost no landlords lowered listed rents. The strong average increases in asking rents outshine central business districts in many of the country’s largest cities including New York, Washington, D.C. and San Francisco.

This is one of the factors that appealed to investors who made large Center City Philadelphia office acquisitions over the past two years.

Manhattan-based Silverstein Properties and locally based Arden Group were responsible for last year’s largest Center City office acquisition, with their joint-venture purchase of the trophy-class BNY Mellon Center for $451.6 million, or $351 per square foot.

“When we acquired 1735 Market we knew that we were getting the premier multi-tenant office building in the city in the best location at 18th & Market St. directly across the street from the Comcast world headquarters,” Arden Group CEO Craig Spencer said in a statement provided to CoStar. “Combining the iconic trophy quality of the property with Philadelphia’s dynamic job growth, millennial population growth and residential migration into Center City has created an exciting environment where we have been able to grow rents much faster than we initially anticipated.”

Silverstein’s Executive Vice President of Leasing Jeremy Moss echoed those sentiments.

“We and our partners at Arden Group and Migdal love Philadelphia for a lot of reasons,” he said. “The city has a fantastic lifestyle that is attracting young, creative people to live and work here. It has some of the country’s top colleges and universities and is strategically located between Washington, D.C. and New York City. The bottom line is that Philadelphia is a global destination that continues to attract leading businesses and their employees. Growth in office rents is a natural byproduct of the city’s continued growth and success.”

Meanwhile, Philadelphia’s notoriously high construction labor costs have helped to keep the amount of new office space coming to market to a minimum. This restrained growth in new office supply is likely another key contributor to rising asking rents.

However, high construction costs also mean increased tenant improvement allowances, which have partially offset the market’s recent rent gains.

“Five years ago, the average 10-year Class A office deal was getting around $50 per square foot in tenant improvement allowances, ” said Lisa DeNight, Newmark Knight Frank’s research manager for the Greater Philadelphia Region. “Now, that figure is looking more like $65 to $80 because of rising construction costs and sophistication of desired tenant build-outs. While we’ve seen great rent gains across the city’s office inventory, effective rates – what landlords are taking in after TI and concessions have been factored out – have seen more muted growth.”

*Article courtesy of CoStar News, Adrien Ponsen

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.

Prime Philly Office Space for Lease in Audubon

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

The shell space that enables a custom tenant fit out at this Philly office building for lease at 904 Jefferson Avenue Audubon PA contains approximately 18,468 square feet of divisible Philly professional office space for lease.  This office space for lease in Philly at 904 Jefferson Avenue Audubon PA is situated on two-plus acres and has more than 100 parking spaces.

The asking lease price for this professional office space in Philly at 904 Jefferson Avenue Audubon PA is $24.00/sf gross plus electric. This Philly office space for lease is being offered by Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This office space for lease in Philly has 16-foot to 22-foot exposed ceilings and this professional office space in Philly has a new HVAC system. There is exterior building signage available at this Philly professional office space for lease at 904 Jefferson Avenue Audubon PA.

There is new, local ownership in place at this professional office space in Philly from 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 adjacent to the Jefferson/Eisenhower bus stop.

More than 148,000 potential customers 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 Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) or Chris Henderson (856-857-6337; chris.henderson@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.