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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Rite Aid Corp. to move HQ to Philadelphia Navy Yard

Rite Aid Corp. will relocate its headquarters to the Philadelphia Navy Yard, after having spent decades based in Camp Hill.

The company leased 23,500 square feet at 1200 Intrepid Ave. and will open what it is calling an “enterprise headquarters” as part of an effort to redefine how it envisions its employees working as a result of the pandemic. 

Rite Aid is moving to a “remote-first work approach for corporate associates, supported by a network of collaboration centers throughout the company’s geographic footprint,” the company said in a statement. “The reimagined workplace model focuses on flexibility for associates, while also creating an official headquarters space in Philadelphia designed specifically for in-person collaboration and company gatherings, rather than office spaces.”

The company has 2,800 corporate employees and a representative from Rite Aid said the number of people working out of the Philadelphia Navy Yard will fluctuate. The move will take place in the first half of 2022. 

“It’s a vibrant area and it’s an exciting place to be,” said Brad Ducey, a company spokesman. “It’s central and easy for employees, partners, clients.”

Rite Aid is No. 132 on the most recent Fortune 500 list. The company reported revenue last year of $24 billion.

*Article courtesy of The 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 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.

Fully Built-Out Philly Office Space for Sale in Center City

Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is now offering Philly office space for sale at 1200 Locust Street Philadelphia PA.

This Philly office building for sale is housed in a four-story structure and this office space for sale in Philly is a fully built-out medical office building with one operating room, multiple private offices, multiple exam rooms, and two reception areas. Please call for information on the asking sale price for this Philly office building for sale at 1200 Locust Street Philadelphia PA.

A total of +/-7,045 square feet are available at this Philly office space for sale through Wolf Commercial Real Estate, a Philly commercial real estate broker.  This office space for sale in Philly at 1200 Locust Street Philadelphia PA is an income-producing property with an in-place tenant. Information about this Philly office building is available by request from Wolf Commercial Real Estate, the foremost Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

Located in the heart of Center City, this Philly office building for sale at 1200 Locust Street Philadelphia PA is steps away from the entrance to the 12th/13th and Locust stations of the PATCO High-Speed Line from New Jersey. There also is an existing elevator shaft at this Philly office building for sale.

There are nearly 77,000 residents living within one mile of this office space for sale in Philly at 1200 Locust Street Philadelphia PA and the average household income in that same radius of this Philly office building for sale is $83,294. This Philly office space for sale is available for immediate occupancy through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

For more information about this Philly office space for sale at 1200 Locust Street Philadelphia PA or about any other Philly commercial properties for sale or lease, please contact Sean Kelly (856-630-5806; sean.kelly@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, 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.

 

Historic Center City building housing the Philadelphia Inquirer comes up for sale

An historic Center City building housing the Philadelphia Inquirer as well as three separate divisions of the General Services Administration has been put up for sale, and one estimate has it trading for upwards of $180 million. 

The Commonwealth of Pennsylvania is the largest tenant at the 13-story, nearly 700,000-square-foot property at 801 Market St. The state leases 222,844 square feet where it houses its department of general services.

In addition, the Division of Community Behavioral Health leases 142,459 square feet and three GSA tenants — Department of Health and Human Services, Housing and Urban Development and the Equal Employment Opportunity Commission — lease a combined 197,310 square feet. The Inquirer leases 89,485 square feet in a deal that runs through November 2024. 

*Article courtesy of The 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 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.

Highly Visible Philly Office Space for Lease in Havertown

500 E. Township Line Road, Haverford, 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 highly visible Philly office space for lease at 500 East Township Line Road Haverford PA.

Please call for the asking lease price of this office space for lease in Philly. 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 office space for lease in Philly at 500 East Township Line Road Haverford PA has availability consisting of +/- 12,000 sf. Roughly +/- 2,400 sf of this Philly office space for lease is being offered as a retail end cap. In addition, a drive-thru is available at this office space for lease in Philly.

This Philly office space for lease at 500 East Township Line Road Haverford PA is in a two-story building and this office space for lease in Philly is ideal for professional, retail, or medical users. There is excellent visibility to this Philly office space for lease from Township Line Road and this office space for lease in Philly is in a densely populated area

Close to retail and financial institutions as well as to restaurants and SEPTA mass-transit stations, this office space for lease in Philly at 500 East Township Line Road Haverford PA is just 10 miles from the Philadelphia International Airport and there is easy access to suck key local thoroughfares as Route 1, Route 30, Route 76, and Route 476 from this Philly office space for lease.

This Philly office space 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.

More than 607,000 people reside within a five-mile radius of this office space for lease in Philly while the average household income in the same geographic area near this Philly office space for lease is $72,878.

For more information about this office space for lease in Philly at 500 East Township Line Road Haverford PA or about any other Philly commercial properties for sale or lease, please contact Bethany Brown (856-857-6396; bethany.brown@wolfcre.com) or Todd Monahan (215-799-6145; todd.monahan@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.

Two-Story Philly Office Building for Sale or Lease in Havertown

500 E. Township Line Road, Haverford, PA

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 sale or lease in a two-story building at 500 East Township Line Road Havertown PA.

This office space in Philly is ideal for professional, retail, or medical users and interested parties are asked to call for both the sale price and the lease price for this office space in Philly at 500 East Township Line Road Havertown PA. For additional details about this office space in Philly, please contact Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

There is both excellent visibility and ample signage at this Philly office space for sale or lease at 500 East Township Line Road Havertown PA. In addition, this office space in Philly offers easy access to Route 1, Route 476, Route 30, and Route 76, and it is only 10 miles to Philadelphia International Airport from this office space in Philly.

This Philly office space for sale or lease at 500 East Township Line Road Havertown 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.

Nearly 608,000 potential customers live within a five-mile radius of this Philly office space for sale or lease at 500 East Township Line Road Havertown 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 sale or lease is $72,878.

For more information about this Philly office space for sale or lease at 500 East Township Line Road Havertown PA about any other Philly commercial properties for sale or lease, please contact Bethany Brown (856-857-6396; bethany.brown@wolfcre.com) or Todd Monahan (215-799-6145; todd.monahan@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.

 

 

More Center City Office Landlords are Seeking Refuge in Lab Space Conversions

The owner of a 120,000-square-foot office building on Chestnut Street is willing to spend more than $40 million to convert it into lab space in a play to attract life sciences companies and fill its pending vacant space.

Rebranded as 2323 Chestnut St., Miller Investment Management is marketing the building long known as 2301 Chestnut St. for redevelopment into lab and related manufacturing space. Its plans entail retrofitting existing space into labs and extending the structure by two stories, adding another roughly 44,000 square feet to it.

Longtime tenant Jacobs Engineering, which has occupied the building in one iteration or another for the last two decades, is expected to leave in January 2022 when its lease expires, leaving Miller with few options to backfill it. In a market where demand for office space continues to decline, landlords are scrambling to find ways to fill empty space and making a play for life sciences tenants has become the most popular pivot.

The building at 2323 Chestnut joins a growing list of buildings in Center City looking at this option. So far, eight buildings with a total of more than 1.7 million square feet are being repositioned to attract life sciences companies.

*Article courtesy of The 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 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.

TODD MONAHAN JOINS WCRE AS EXECUTIVE VICE PRESIDENT & MANAGING DIRECTOR TO LEAD PA & NJ GROWTH

Wolf Commercial Real Estate (WCRE) proudly announces the hiring of Todd Monahan to lead the firm’s growth in the Pennsylvania & New Jersey markets.

As Executive Vice President & Managing Director, Monahan will leverage his extensive industry experience to develop and implement effective growth strategies as WCRE approaches its tenth anniversary.

Monahan’s new role comes amid WCRE’s continuing expansion in the region, adding numerous brokers and increasing its activity in southeastern Pennsylvania. “Todd’s guidance will play a key role in managing our growth and recruiting new talent, especially as our CORFAC International alliance continues to open up new business opportunities,” Wolf added. Over the course of nearly 30 years in real estate, Monahan has represented both owners and occupiers and worked directly for several REITs and Private Equity ownership firms. He brings a unique perspective as he has developed strategies and completed transactions from all sides.

His most recent position was with Keystone Property Group. Prior to that, he served as Senior Vice President at Jones Lang LaSalle (JLL) where his team leased 1650 Arch, 3 Parkway and the Public Ledger Building. He also represented numerous corporate entities, law firms, and non-profit organizations in a variety of real estate transactions. Prior to JLL, Monahan served as a Vice President of Acquisitions at Patriot Equities, Director of Leasing at Equity Office Properties (EOP) where he leased 1601 and 1700 Market Street. Earlier in his career he was a Vice President at Grubb & Ellis Company.

Monahan graduated from University of Richmond’s Claiborne Robbins School of Business with a Bachelor of Science in Business Administration, with concentrations in finance and marketing.

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com.

QVC parent company sells West Chester building for $17.5M

Qurate Retail Group, the parent company of QVC Inc. and the Home Shopping Network, has sold one of its buildings in West Chester for $17.5 million, having determined it no longer needed the space as the company embraces a flexible work arrangement going forward.

Parsons 1365 LLC, an entity affiliated with Communications Test Design Inc., bought the five parcels that comprise the property at 1365 Enterprise Drive, according to Chester County real estate records. The property includes a 256,500-square-foot office building and related parking. CTDI is located next door at 1373 Enterprise Drive.

A representative from CTDI couldn’t be reached for comment.

Qurate will continue to own and operate from Studio Park, which is the company’s global headquarters located at 1200 Wilson Drive in West Chester, according to a Qurate spokeswoman. The 720,000-square-foot property is home to its corporate offices, as well as QVC’s U.S.-based broadcast studios.

The decision to sell 1365 Enterprise, which QVC refers to as its Founder’s Park building, came after the company concluded it will continue to integrate virtual work within its operations and all of its West Chester operations would be folded into the Studio Park building, the Qurate spokeswoman said.

The company does not disclose employee headcount by location but confirmed the sale will not result in a reduction in headcount.

Qurate joins other companies that are re-evaluating their office space needs as a result of permanently adopting work-from-home arrangements after employees moved to remote work during the pandemic. Some companies have been trying to sublease excess space, and others that own their buildings are seeking to sell properties they have determined they no longer need. Pfizer Inc. is among the most prominent to fall into that category. The pharmaceutical company recently put its 340-acre Collegeville campus up for sale.

*Article courtesy of The 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 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.

Local sublease space mounts as companies trickle back to offices, figure out how much room they need

Five Below Inc. is trying to sublease 42,000 square feet at its Philadelphia headquarters, deciding it no longer needs the space it grabbed two years ago for future expansion. If possible, it wouldn’t mind getting rid of an additional 26,000 square feet for a grand total of 68,000 square feet.

The company is “evaluating a hybrid model and the hybrid model needs less space,” said Christiane Pelz, a company spokeswoman.

The discount retailer is far from the only company undertaking a process to determine how much space it needs going forward. Many companies are considering more flexible work arrangements post-pandemic and this has meant they don’t need as much space as they currently occupy.

As a result, firms in every sector across the region are vacating and subleasing that excess space and just about every office submarket is suffering from the same malaise: more sublease space coming available, higher vacancies and negative absorption rates.

Examples of companies that have vacated or looking to sublease space include: Optum 360 vacating 137,000 square feet at 1001 Adams Ave. in Lower Providence; PNC Bank vacating 255,000 square feet at its operations center at 8800 Tinicum Blvd. in Philadelphia; Farmers Insurance Group leaving 211,000 square feet at 3 Beaver Valley Road in Wilmington; Oracle Corp. subletting 29,150 square feet at Five Tower Bridge in Conshohocken; Comcast Corp. subletting 18,375 square feet at Four Tower Bridge in Conshohocken; Teknion emptying out of 29,650 square feet at 350 Fellowship Road in Mount Laurel, N.J.; and Magee Memorial Hospital vacating from 19,000 square feet at Suburban Station in Philadelphia.

A recent study shows the amount of sublease space has risen across the region including the western suburbs, Center City, Wilmington and South Jersey and few have been spared.

Of the 27 submarkets tracked, 19 experienced increases in sublease vacancy, three decreased, and five have remained unchanged. The office submarkets of Valley Forge, Delaware County, and New Castle County have seen the largest increases over the past year.

Research shows the average office employee is expected to spend about 35% of their time working remotely.

The overall vacancy rate for the region stands at 17.7%. Vacancy in Center City is 14.3% and 19.5% in the suburbs. At the end of the first quarter in 2020, Center City’s vacancy rate was 12.4% and the suburbs stood at 14.7%, according to Newmark.

The rising vacancies and sublease space doesn’t mean the market has cratered. Leases are still getting done and some submarkets are showing resilience.

“The Conshohocken market is still incredibly strong,” said Chris Buccini, co-president of Buccini/Pollin Group, which owns buildings in Conshohocken, along Swedesdford Road in Wayne and Wilmington. “What we’re finding is if tenants want to leave the city and go to the suburbs and they want to be in an urban environment, they come to Conshohocken.”

Since March 2020, Buccini/Pollin wrapped up 75 new and renewal deals totaling one million square feet of deals that tallied up to $300 million in lease transactions across its three main markets of Wilmington, the Philadelphia suburbs and Pittsburgh. Whether that momentum will carry into this year has yet to be seen.

First-quarter regional leasing activity totaled 679,894 square feet, declining by 25% from the end of the year. Leasing activity in Philadelphia’s Central Business District fell 57.4% to 188,263 square feet.

“The reality is that if you ask anyone who has been working from home for the past year what they need, they really have no idea what they need,” Buccini said. “The needs are different and not one size fits all. Companies are going to have to come back and see what they need.”

Brandywine Realty Trust, the region’s largest landlord of trophy and Class A office space, said in its first quarter earnings call that it is seeing “encouraging signs” in the office market such as an increase in leasing and tour activity.

Smaller to midsized tenants are the ones that have generally returned to work and those tenants that have yet to do so have told Brandywine three target dates for returning to their offices: July 1, Labor Day and sometime in the fourth quarter.

Five Below leases 200,000 square feet at the Litsbuilding at 701 Market St. The 42,000 square feet of expansion space has been demolished in preparation for a build out that won’t happen and a tenant could take that raw space and fit it out. Five Below also has another 26,000 square feet of built out space that is also available for sublease.

*Article courtesy of The 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 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.

Dechert Signs Short-Term Lease Renewal at Cira Centre, Reduces Space by More than Half

Dechert has signed a short-term renewal on about 109,000 square feet of office space over four floors at Cira Centre.

Dechert, one of Philadelphia’s largest law firms, had been in discussions for some time with the building’s landlord, Brandywine Realty Trust, to occupy four floors in the upper section of Cira Centre. The firm had originally occupied around 240,000 square feet space in the office tower and gave back three floors.

Brandywine officials said during a call with analysts on Thursday that it had extended Dechert’s lease a year ago for 12 months and further extended that lease with the firm in a deal that commences in 2022. A representative from Dechert couldn’t be reached for comment. Glenn Blumenfeld of Tactix Real Estate Advisors represented Dechert and declined comment.

Companies are signing short-term lease arrangements with more frequency to give them some extra time to figure out what their future space needs are post-pandemic. That surely figured into Dechert’s decision, and landlords have been accommodating to keep buildings occupied.

Firms are also shrinking their footprints as they right-size the amount of space they need post pandemic. Many are realizing they don’t as much space as they go to a hybrid model of work, providing employees the flexibility to work from home and in the office. Two other law firms, BakerHostetler and Blank Rome, reduced the amount of space they took in recent lease deals.

In addition, Dechert is dealing with ongoing litigation surrounding a tax break the law firm is seeking in a potential future relocation of its office space in Philadelphia.

Before committing to the renewal, Dechert had been focused on JFK Towers, an office complex in Schuylkill Yards that is proposed by Brandywine and located in a Keystone Opportunity Zone.

Last summer, Commonwealth Court ruled against the Pennsylvania Department of Community and Economic Development, saying that Dechert could relocate for a second time into an opportunity zone. Cira Centre was in an opportunity zone when Dechert moved into it and the firm received the tax break benefits that it provided. The proposed JFK Towers are also in an opportunity zone.

DCED has appealed the Commonwealth Court ruling and no decision has been rendered. It is unclear how the lease renewal at Cira Centre affects Dechert’s interest in Schuylkill Yards.

Brandywine (NYSE: BDN) is in the process of repositioning Cira Centre. It is converting floors three through nine into life sciences space. Brandywine also teamed up with the Pennsylvania Biotechnology Center of Bucks County to create B.Labs, a life science incubator at Cira Centre.

The 50,000-square-foot B.Labs, expected to open during the fourth quarter of this year, is being designed to provide collaboration and research space for startup, early-stage and established biotech and pharmaceutical companies. B.Labs will have event space on the second floor of the Cira Centre and incubator space on the third and fourth floors.

It is also dealing with a vacancy left by BakerHostetler, which signed a 16-year lease on 45,121 square feet at BNY Mellon Center at 1735 Market St. in the Central Business District. It had been in 80,000 square feet at Cira Centre.

*Article courtesy of The 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 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.