Posts Categorized: Philadelphia office space

Philadelphia City Officials Project a Staggering $1 Billion Decline in Assessed Value for Office Buildings

Philadelphia City Officials Project a Staggering $1 Billion Decline in Assessed Value for Office Buildings

Philadelphia officials anticipate a substantial decrease of approximately $1 billion in the total assessed value of office buildings throughout the city, attributed to financial challenges faced by property owners and escalating vacancy rates. Finance Director Rob Dubow highlighted the necessity of accounting for these declining valuations in Mayor Cherelle Parker’s proposed budget for fiscal year… Read more »

Center City Office Portfolio of 4 buildings Returned to Lender, Sale Pending

Center City Office Portfolio of 4 buildings Returned to Lender, Sale Pending

In late December, a lender assumed control of a four-building Philadelphia office portfolio, and discussions are underway for the potential sale of two of the properties. KKR Real Estate Finance Trust Inc. (NYSE: KREF), a subsidiary of New York-based alternative investment firm KKR, disclosed in its quarterly earnings filing with the Securities and Exchange Commission… Read more »

4-Star Hotel to Replace Former Family Court Building

4-Star Hotel to Replace Former Family Court Building

Frontier Development & Hospitality Group aims for “really prominent” food and beverage partners and a four-star designation for its redevelopment of the former Family Court building into a 215-key hotel, according to Managing Principal Evens Charles. The 247,196-square-foot structure at 1801 Vine St. is part of a broader development plan along the Benjamin Franklin Parkway…. Read more »

Mayor Parker is Considering More In-Office Days for City Workers to Boost Center City’s Recovery

Mayor Parker is Considering More In-Office Days for City Workers to Boost Center City's Recovery

Philadelphia City Hall, with its iconic oversized William Penn statue, symbolizes the city. The SEPTA station beneath connects the transit network, and Dilworth Park’s family-friendly attractions are popular among tourists and locals alike. However, the offices adjacent to this beloved Second Empire structure face significant challenges. Data reveals that among the six private-sector office buildings… Read more »

Philadelphia Office Property Trades Surpass $1 Billion in 2023 Despite Market Challenges

Philadelphia Office Property Trades Surpass $1 Billion in 2023 Despite Market Challenges

Despite the tumultuous fluctuations in the Philadelphia office market last year, resourceful developers, investors, and companies demonstrated resilience by engaging in office sales activities. Prior to 2020, office buildings were dominant, consistently commanding top prices in commercial real estate. However, the enduring impact of the pandemic disrupted this trend. As the future of in-person work… Read more »

Prominent Mixed-Use Space For Lease

1719 Chestnut Street, Philadelphia, Pennsylvania

Wolf Commercial Real Estate has been appointed as the leasing agent to market 1719 Chestnut Street, Philadelphia, Pennsylvania. The property has +/- 3,300 sqaure feet available for lease. 1719 Chestnut Street is ideal for retail or office users. The property has an open floor layout with three private offices, a conference room, and elevator access…. Read more »

First Class Office Sublease in Philadelphia

1760 MARKET STREET, PHILADELPHIA, PA

Wolf Commercial Real Estate has been appointed as the leasing agent to market 1760 Market Street, Philadelphia, Pennsylvania. 1760 Market Street is a Class ‘A’ office building that is available for sublease. Discover an available space of +/-5,636 SF with sublease information extending through April 30, 2029. 1760 Market is ideal for a professional services… Read more »

Raynes & Lawn Leaves Rittenhouse as Lubert-Adler Moves to the Battery

Raynes & Lawn to relocate office after 55 years as Lubert-Adler moves to Fishtown

The personal injury law firm, Raynes & Lawn, is bidding farewell to its 55-year home on Rittenhouse Square, opting to transition into space at 2400 Market St. currently occupied by Lubert-Adler, as the latter relocates its headquarters to The Battery in Fishtown. The move is scheduled for April 1. Raynes & Lawn will initially occupy… Read more »

Center City Office Building on Market, Signaling Potential Sales Trend

Center City office building hits market in what could be indicator for future sales

Amidst a slowdown in the office sales market, a boutique property in Philadelphia’s central business district is available for sale at a likely discounted price. The 15-story, 133,353-square-foot office building at 1760 Market St. is listed by owner Victor F. Keen, a retired tax attorney. While the listing lacks a specific price, industry estimates suggest… Read more »