Posts Categorized: Philadelphia office space

Office Center Right Outside Philadelphia Has Office Availabilities

Kevon Office Center 2500 McClellan Ave Pennsauken NJ

Wolf Commercial Real Estate (“WCRE”) is delighted to announce that they have been appointed the exclusive leasing agent for the Kevon Office Center (“KOC”), situated at 2500 McClellan Avenue in Pennsauken, New Jersey. Kevon Office Center was recently acquired by Alinea Capital Group, a private investment firm located in Philadelphia. Ownership has started a comprehensive… Read more »

Rodin Place in Philadelphia Has Multiple Office Suites For Lease

Rodin Place, 2000 Hamilton Street, Philadelphia, PA

Wolf Commercial Real Estate (WCRE) is thrilled to announce that it has been appointed as the exclusive leasing agent for the prestigious Rodin Place, located at 2000 Hamilton Street in Philadelphia, Pennsylvania. Strategically nestled within the vibrant and culturally rich neighborhoods of Fairmount and the Art Museum of Philadelphia, Rodin Place stands as an exceptional… Read more »

Wanamaker Building in Receivership

Wanamaker building placed in receivership with $112M debt as lenders seek foreclosure and sale

The historic Wanamaker Building has been placed in receivership as one of Center City’s most recognizable office properties struggles to retain tenants and debtholders pursue foreclosure to satisfy a $112 million unpaid mortgage balance. An emergency petition filed by Wilmington Trust N.A. for the appointment of a receiver was granted Sept. 6, according to filings… Read more »

Over 70% of Office Development Underway in Philadelphia

Downtown Philadelphia Accounts for Bulk of the Region’s Office Construction

The Philadelphia region has 21 office properties under construction totaling over 3.7 million square feet, as of the third quarter of this year. Over 70% of the new office development is concentrated in two downtown areas: University City and the Market Street West section of Center City. University City alone accounts for 1.2 million square… Read more »

First Tenant at Schuykill Yards Tower is Goodwin Proctor

Goodwin Procter signs lease to become first tenant at new Schuylkill Yards tower

Nine months after launching a Philadelphia office, law firm Goodwin Procter has signed a lease to become the lead tenant at a new mixed-used tower at Schuylkill Yards. Goodwin will occupy 31,500 square feet in the 28-story tower at 3025 John F. Kennedy Blvd. The lease is for 12.5 years. Brandywine Realty Trust (NYSE: BDN) recently completed… Read more »

Center City District Relocates Offices

Center City District Relocating Offices to the Land Title BuildingBusiness

Center City District, an organization that operates the Center City business improvement district dedicated to enhancing the cleanliness, quality of life, and economic prosperity of downtown Philadelphia, will be relocating its office to ASI Management’s Land Title Building at 100 S Broad St., where it leased 26,173 square feet. The business improvement district operator will… Read more »

Office Sublease Intensifies in Philadelphia

Mounting Sublet Inventory Intensifies Philadelphia’s Office Woes

Office sublease availability has increased to 8.1 million square feet across the Philadelphia metropolitan area and now accounts for 3% of the 49.2 million square feet of available office inventory. As of the third quarter, 280 office properties in the Philadelphia region have available sublet spaces. While sublet availability still comprises a small fraction of… Read more »

Alterra Looks to Convert Market in Apartments

After scuttled deal, Alterra again looks to convert 1701 Market into 325 apartments

Alterra Property Group is once again moving forward with plans to buy 1701 Market St. and convert the Center City office building into 325 residential units, reviving a transaction that previously fell through due to rising costs. The 305,170-square-foot, 18-story building is owned by New York-based LXP Industrial Trust (NYSE: LXP) and currently houses the headquarters of… Read more »

Penn State Approves Sale of Navy Yard Buildings

Penn State approves $18.5M sale of Navy Yard buildings to IBEW Local 98

Penn State University’s board of trustees on Friday unanimously approved the sale of two Philadelphia Navy Yard buildings to the International Brotherhood of Electrical Workers Local 98 and the union’s apprenticeship arm for a combined $18.5 million. The buildings total 65,057 square feet. A 38,348-square-foot building at 4960 S. 12th St. was approved to sell… Read more »