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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Sale of Mellon Bank Center closes

Silverstein Properties Inc. has closed on the $451.6 million purchase of BNY Mellon Bank Center, a 54-story, 1.3-million-square-foot office trophy office building in Center City.

Silverstein, a New York real estate firm, bought the property in a venture with Arden Group of Philadelphia, and Migdal Insurance, an Israeli-based insurance company and pension fund manager. This is the first acquisition in Philadelphia for Silverstein. Arden Group has owned properties in Philadelphia and its suburbs as well as developed the Ritz-Carlton and the Residences at the Ritz-Carlton in Center City.

Equity Commonwealth of Chicago was the seller. It said that after costs associated with capital expenditures, rent abatements, and leases, the sale amount was $435.6 million

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 the team at Wolf Commercial Real Estate, the premier Philly commercial real estate brokerage firm at 215-799-6900.

Amicus Therapeutics Signs Large Office Lease at New Facility in Philadelphia

Biotech Company Plans to Hire 200 Employees at uCity Square

Global biotechnology company Amicus Therapeutics signed a 75,000-square-foot lease at University City Science Center’s Class A office building in downtown Philadelphia.

The uCity Square facility at 3675 Market St. will serve as Amicus Therapeutics’ (Nasdaq: FOLD) global research and gene therapy of excellence location, where the company expects to house 200 employees over the next few years.

Developed by Baltimore-based Wexford Science & Technology, the 350,000-square-foot building delivered in 2018. The 5-Star, 14-story structure is across from the 36th Street and Market Street light rail station, and the research center is expected to be completed by the third quarter of 2019.

A group of Amicus research employes have already moved into a temporty space at BioLabs@CIC Philadelphia during construction of the permanent space.

Amicus Therapeutics’ Chairman and Chief Executive Officer John Crowley said in a statement, ”The proximity to our collaborators at the University of Pennsylvania and other major academic centers and hospitals in the area also provides a tremendous opportunity to advance our commitment to gene therapies. Philadelphia is easily accessible to New Jersey, which has been a strong contributor to our success and will remain the location of our global headquarters.”

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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.

Prime Philly Office Space to Sublease at 2 Penn Center

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 in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA.

This Philly professional office space – located in the heart of the Philadelphia Business District – has 400 sf of Philly professional office space to sublease available. Prospective tenants will find two fully furnished offices at this Philadelphia office space to sublease. This Philly professional office space to sublease also has 24-hour security.

The asking sublease price for this professional office space in Philadelphia is $1,800 per month (Full Service). This Philly professional 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 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 a total of 502,531 sf in the building hosting this professional office space in Philly. Building amenities of this professional office space in Philadelphia include upgraded bathrooms and corridors. There also are views of Love Park from this Philly office space to sublease.

This Philadelphia office space to sublease in 2 Penn Center at 1500 John F. Kennedy Boulevard Philadelphia PA offers shared access to a kitchen and a conference room within the suite. There also are several parking garages nearby this Philly office space to sublease.

This Philly professional 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 professional office space in Philadelphia while the average household income in the same geographic area near this Philly professional office space to sublease is $80,604.

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 Mitch Russell (215-799-6143; mitch.russell@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.

Ballinger Renews Lease in Downtown Philadelphia

Local Architecture Firm Signs Large Office Lease

 

Local architecture firm Ballinger renewed its 78,951-square-foot lease at HCP’s Class A office building in Philadelphia.

The 708,361-square-foot building at 833 Chestnut St. was built in 1926 and renovated in 2006. The 14-story, 4-Star property spans 1.6 acres across from the 8th and Market Street train station.

Hether Smith with Savills Studley represented the tenant in negotiations.

HCP originally purchased the building, which is managed by Lincoln Harris CSG, in April 2015, CoStar data shows.

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia commercial properties for sale or lease, please contact Christopher Henderson (856-857-6337; chris.henderson@wolfcre.com) or Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a Philadelphia commercial real estate broker.

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.

Comcast Spectacor, Cordish Cos. Reveal Plans for $80M Office Tower at Philadelphia Sports Complex

Construction on New Pattison Place Office Project Expected to Begin After Reaching Certain Level of Leasing Commitments

Rendering of the planned 200,000-square-foot Pattison Place office tower in Philadelphia. Image: The Cordish Cos.
Rendering of the planned 200,000-square-foot Pattison Place office tower in Philadelphia. Image: The Cordish Cos.

Comcast Spectacor and The Cordish Companies revealed details for Pattison Place, an $80 million office tower planned for a site adjacent to the firms’ Xfinity Live!project in the South Philadelphia stadium district.

Designed by Beyer Blinder Belle and BLT Architects, plans for the 200,000-square-foot office building call for a 4,000-square-foot lobby with 35-foot ceiling heights and 20,000 square feet of ground floor retail space.

Construction of Pattison Place is expected to create 1,670 new jobs and generate $295 million in economic benefits to the city and state over a 30-year period, according to the developers. They plan to begin construction after leasing a certain amount of space in the new project.

Blake Cordish, principal of The Cordish Companies, said in a statement, “Pattison Place will offer first class amenities in an unparalleled location amid Philadelphia’s professional sports teams.”

The building is located on part of the 47-acre tract of city-owned land that Comcast Spectacor has the right to develop under a long-term ground lease.

A subsidiary of Philadelphia-based Comcast Corp., Comcast Spectacor owns and operates the Wells Fargo Center arena and complex, as well as a portfolio of professional sports teams that includes the National Hockey League’s Philadelphia Flyers, the Overwatch League’s Philadelphia Fusion, the National Lacrosse League’s Philadelphia Wings and the Maine Mariners of the ECHL.

Aramark Inks Deal at Downtown Philadelphia Office Tower

Aramark new Building

Food Service, Facilities and Uniform Services Provider Signs 16,000-SF Lease

Aramark, a food service, facilities and uniform services provider, signed a 15,857-square-foot lease at Nightingale Properties’ and Carlton Associates’ Class A office tower in Philadelphia, according to CoStar Research.

The 686,503-square-foot, 29-story structure at 1835 Market Street was built in 1986 and renovated in 1997. The 4-Star property spans nearly an acre less than two blocks from the 19th Street light rail station.

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Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with extensive expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space with the Philadelphia commercial properties that best meet their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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

Philadelphia’s Proposed One Percent Tax on New Construction

Is Philadelphia’s proposed one percent tax on new construction a good compromise or a fools bargain? The Philadelphia City Council announced new legislation on April 11, 2018, that includes a new one percent tax on new construction that would raise revenue for the Housing Trust Fund, the city’s dedicated source for developing new affordable housing, preserving existing housing and preventing homelessness.

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WHAT IS THE TAX/IMPACT FEE?

Proposed Bill No. 180351 would impose a new Construction Impact Tax/Impact Fee on all projects that are eligible for the city’s 10-year tax abatement. The funds raised from the tax are intended to help the Housing Trust Fund provide funding for more affordable and workforce housing development, which would be available to both nonprofit and for profit developers.

HOW MUCH IS THE TAX?

The tax/impact fee is 1 percent of the stated cost of construction, including repairs, construction, additions and alterations of the building and is paid when the applying for a building permit. (Note that there is some discussion to change the time when payment would be due from the building permit application to the time a zoning permit is filed.) While a one percent tax on new construction may not sound like a lot, consider the tax on a $1 billion new technology center, a $300 million new multifamily high rise or a new $800 million stadium. In each instance, the tax for these projects would be $10 million, $3
million and $8 million, respectively.

ARE CERTAIN TYPES OF BUILDING EXEMPT?

As currently drafted, all buildings that are “for human occupancy” and that are eligible for the 10-year tax abatement would be subject to the tax/impact fee. These buildings would include not only residential structures, but commercial and industrial structures as well. Rather than single out one particular kind of developer (i.e., multifamily developers), the proposed tax would apply to any project that qualifies for a 10-year tax abatement in Philadelphia.

COALITION BUILDING

There appears to have been more compromise than usual between the trades, the Building Industry Association, City Council members, members of the development community and other civic-minded individuals as the merits and concerns over the 10-year tax abatement were debated, as was the Mixed Income Housing Bill, both being offered as potential solutions for addressing Philadelphia’s affordable and workforce housing needs.

NOVEL APPROACH

Drexel University’s Lindy Institute for Urban Innovation Senior Research Fellow Kevin Gillen told the Philadelphia Business Journal, “The impact fee being considered here is a truly unique hybrid. It is tied to the abatement rather than to inclusionary zoning. And it is the type of program that is traditionally used by low-cost, low-tax Sun Belt suburbs that have experienced decades of rapid population growth, but the bill’s sponsors want to apply it to a relatively high-cost, high-tax Northeastern city that until recently has experienced decades of depopulation.”

Impact on the Mixed-Income Housing Bill

If the new bill is passed, the Mixed-Income Housing Bill will become completely optional and will be amended to include numerous beneficial bonuses such as extra height (7 feet) and density (25 to 50 percent bonus) in RM-1, CMZ-1/2/2.5, amongst other potentially attractive zoning bonuses. These bonuses will continue to have a mixed-income housing requirement or payments in lieu of an additional 1 to 2 percent of construction costs depending on the amount of the
bonus.

EFFECTIVE DATE

As proposed, the effective date would be July 1, 2018, although some are already pushing for a later effective date of January 1, 2019. Duane Morris attorneys will continue to monitor and report on any development in this issue.

FOR MORE INFORMATION

If you have any questions about this Alert, please contact Brad A. Molotsky, any of the attorneys in the Real Estate Practice Group, attorneys in the Project Development/Infrastructure/P3 Practice Group or the attorney in the firm with whom you are regularly in contact.

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm’s full disclaimer.

Philadelphia Independence Hall Office Space Market Heating Up

Early signs may be surfacing of a resurgence in Independence Hall’s office market in Philadelphia.

Throughout 2015 and 2017 Independence Hall was an outlier with noticeably higher vacancies than other submarkets in and around the Philadelphia office space central business district (CBD) such as Market Street West and University City. These higher vacancies were caused by move outs by both government and private sector tenants including the U.S. Navy, the GSA and Dow Chemical.

Independence Hall’s concentration of older office buildings and its distance from key center city regional rail stations are potential Philly office space drawbacks from many office tenants’ perspective. However, a slew of office renovations, restaurant/bar openings and high-end residential construction are now coalescing in what was once a relatively sleepy submarket.

This report on U.S. and Philadelphia commercial properties, being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate – a Philadelphia commercial real estate brokerage firm, is part of the Market Insights series from the CoStar Group research organization. These periodic reports provide a snapshot of recent real estate trends. CoStar monitors commercial real estate across 390 metro areas and analyzes the economic trends that move these markets.

Since 2014, Keystone Property Group has re-energized the ground floor of 100 Independence by bringing Independence Beer Garden — which includes outdoor seating and a gaming area — and modernist café La Colombe. One block away, MRP Realty’s newly-renovated Bourse — previously home to the nation’s first commodity exchange — is reopening this fall with an impressive array of new dining and drinking options on the ground floor. Coworking operator Make Offices also recently leased 35,000 square feet of Philadelphia office space on the property’s 5th floor.

More than 850 new, high-end apartment units have either completed or broken ground in the Philly office space submarket of Independence Hall over the past five years. Parkway Corporation recently completed its Civic Design review for a proposed 278-unit apartment tower at 709 Chestnut. Toll Brothers is also planning an 85-unit condo development on the 700 block of Sansom Street.

These improvements to Independence Hall’s ambience and amenity offerings are beginning to bear fruit for office owners. A handful of large Philadelphia office space leases including Macquaire Investment Management, Five Below and a few coworking operators have been signed in recent years. These leases, combined with conversions of older office space into apartments, have helped bring Independence Hall’s office space availability rate — the percentage of space being marketed for lease — back in line with other Center City submarkets in 2018.

Given Independence Hall’s complete lack of new office construction, the submarket’s availability rate has nowhere to go but further down if tenants’ interest for Philly office space in the area continues to rebound. It will be interesting to see just how much more tenant interest Independence Hall can garner in the years ahead.

For more information about Philadelphia office space or other Philadelphia commercial properties please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philly office space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with extensive expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space with the Philadelphia commercial properties that best meet their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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

Market Knowledge Creates Higher Returns

Philly Office Space Investments

Over the past several years, the investment market within the Philadelphia and Southern New Jersey region has grown extremely competitive.

Market trends show a majority of investors are looking within the Philadelphia region seeking higher upside values and returns. These investors are typically searching for 8% + returns on investments. This has become increasingly challenging in the PA/NJ market. WCRE helps investors identify these opportunities by locating off-market investments.

“The key is creativity and knowledge. It is important to be creative as an advisor to find opportunities and deal structures to create higher returns,” says Jason Wolf, Managing Principal of WCRE. “The value of WCRE is not just the knowledge of tenants in the market and vacant buildings— it’s connecting opportunities to investors who would not otherwise have access to this information.”

Market knowledge is power. Recently, WCRE represented a client searching for a long-term lease solution. WCRE was able to identify a vacant building opportunity and identified several investors to commence negotiations with our leasing/tenant opportunity. Ultimately, WCRE was able to successfully satisfy both clients’ needs — securing a 15-year lease for the tenant and double-digit returns for the investor.

When investing in the market place, it is important to align yourself with a real estate expert who understands the current market and how to structure investments for higher returns and long term security.

To learn more about Wolf Commercial Real Estate, please contact WCRE at 856-857-6300 or visit our website at www.WolfCRE.com.