Philly Office Space for Lease at 2 Penn Center

Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, now has available Philly office space for lease at 2 Penn Center Philadelphia PA.

The asking lease price for this Philly office space at 2 Penn Center Philadelphia PA is $28.00/SF Full Service; this is $3.00/SF under asking rent. This office space in Philly is a premier Center City Philadelphia sublease opportunity. The long-term lease on this Philly office space expires 6/30/2022.

There is 2,488 SF of Philly office space for lease at 2 Penn Center Philadelphia PA available with four furnished private offices. There also is a large conference room and an open common area at this Philly office space for lease. Additionally, there is a kitchenette in the suite of this Philly office space for lease.

This Philly office space for lease at 2 Penn Center Philadelphia PA overlooks Love Park and is steps from City Hall. Located in a 20-story Class A office building, there are a total of 502,531 SF at this office building in Philly at 2 Penn Center Philadelphia PA.

This Philly office space for lease is strategically located with direct concourse access to Suburban Station and the Regional Rail Lines as well as the Love Park Parking Garage. This office space in Philly is accessible via I-676, I-76, and I-95 as well as to the SEPTA and PATCO transit systems.

There are more than 73,000 potential customers living within one mile of this Philly office space for lease through Wolf Commercial Real Estate, a Philly commercial real estate broker. The average household income within that same radius of this Philly office building for lease at 2 Penn Center Philadelphia PA is $80,557.

For more information about this office space for lease in Philly at 2 Penn Center Philadelphia PA, about other office space in Philly, or about any other Philly commercial properties for lease or lease, please contact Ty Martin (215-799-6144; ty.martin@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

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 lease or lease through our Philly commercial real estate brokerage firm.

Center City Outperforms the Suburbs as Philadelphia’s Office Market Enters 2020

Philadelphia’s office market rounded out a great year in 2019, with vacancies holding near 20-year lows, and rent growth clocking in at 4%. But beneath the market level statistics, a noticeable divide in performance between Center City and the suburbs exists.

Urban core submarkets, including University City and Market Street West, remain well tied to emerging industries that drive leasing, including life sciences and co-working. At the close of 2019, the percentage of investment-grade office space listed as available for lease in these submarkets reached the lowest levels ever recorded since CoStar began tracking availability listings in 2005.

Trends are noticeably different in the suburbs. The Main Line maintains a drum-tight vacancy rate of 5%. However, at the end of 2019, the gap in availabilities rates between the Market Street West/University City area and Philadelphia’s suburbs was the widest recorded in more than 15 years.

Our latest Philadelphia office market video update dives into these trends in more detail, to help investors understand opportunities and risks emerging in 2020.

*Article courtesy of CoStar, Adrian 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.

Well-Located Philly Office Space for Sale or Lease in Abington

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 well-located office space in Philly for sale or lease at 1021 Old York Road Abington PA.

Ideal for professional office or medical use, this Philly office space for sale or lease is in Abington. There are 1,500 to 8,000 square feet of divisible office space in Philly for sale or lease at this location.

The asking lease price for this office space in Philly is $18.00/square feet NNN; please call for the asking sale price for this office space in Philly. This office space in Philly for sale or lease is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

There is pylon signage available at this office space in Philly. The average household income within five miles of this office space in Philly at 1021 Old York Road Abington PA is $76,218 and there are nearly 384,000 residents living within a five-mile radius of this office space in Philly.

This Philly office space for sale or lease at 1021 Old York Road Abington PA sees an average of 37,000 vehicles per day pass by.  In addition, this office space in Philly is a fully built-out office space with premier finishes. This Philly office space for sale or lease is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

Blocks away from a SEPTA train station and bus stop, this office space in Philly is in an area with numerous amenities. There is a building security system in place at this office space in Philly and the median age of the population within five miles of this office space for sale or lease in Philly is 40.7 years old.

For more information about this Philly office space for sale or lease in Philly at 1021 Old York Road Abington PA, about other office space in Philly, or about any other Philly commercial properties for sale or lease, please contact Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) or Ty Martin (215-799-6144; ty.martin@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

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 lease or sale through our Philly commercial real estate brokerage firm.

Another Navy Yard building trades for $61.2M

As part of its divestment in office properties, Liberty Property Trust has closed on the sale of a building that houses Axalta Coating Systems Ltd.’s Global Innovation Center at the Philadelphia Navy Yard for $61.2 million.
Apex Capital Management, a subsidiary of Dimah Capital of Kuwait, bought the building at 1050 Constitution Ave. The sale breaks down to about $350 per square foot.
Foreign investment in properties at the Navy Yard, Center City and the Philadelphia suburbs has risen over the years. For example, the purchase of Mellon Bank Center involved Israeli money as part of the financial stack and was part of a trend in the region of overseas money finding a place in domestic and Philadelphia real estate.
Axalta Coating (NYSE: AXATA) moved in the fall of 2018 more than 200 engineers and scientists that were located in Wilmington into the new 175,000-square-foot research facility developed for the company at the Philadelphia Navy Yard. Axalta signed a 20-year lease that expires in 2037.
It was one of the properties Liberty had planned to sell as it unloaded the remainder of its office holdings to concentrate on the industrial sector. Liberty was sold to Prologis Inc. in a deal that closed on Monday. Prologis is expected to sell any remaining office or non-core properties that it inherited from Liberty.
Referred to as the Axalta Global Innovation Center, it is the largest such facility the company has and is believed to be the largest coatings R&D center in the world.
The buildings Liberty has sold recently at the Navy Yard have traded for top dollar. For example, in 2018, an affiliate of Korea Investment Management Co. Ltd. paid $130.5 million for the office building that houses GlaxoSmithKline at the Philadelphia Navy Yard. More recently, Norvin Healthcare paid $65 million, or $682 a square foot, for Three Crescent Drive, a 96,000-square-foot building that is fully leased on a long-term basis by Thomas Jefferson University Hospitals Inc. at the Philadelphia Navy Yard.

*Article courtesy of the Biz 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, is now offering freestanding Philly office space for lease at 904 Jefferson Avenue Audubon PA.

The shell space at this Philly professional office space for lease enables a custom tenant fit-out. This professional office space for lease in Philly has 18,468 square feet of professional office space for lease in Philly. The asking lease price for this professional office space in Philly is $24.00/sf gross plus electric and this Philly office building at 904 Jefferson Avenue Audubon PA has a new HVAC system.

This Philly professional office space for lease is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services. This professional office space for lease in Philly has 16’-22’ exposed ceilings.

Situated on two-plus acres of land, this professional office space in Philly has more than 100 parking spaces. In addition, there is exterior building signage available at this Philly office space for lease. This Philly office space has new local ownership in place and the Jefferson Avenue and Eisenhower bus stop is adjacent to this Philly professional office space.

This Philly professional office space for lease is being brokered through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services. This professional office space in Philly is close to restaurants and other amenities available in the King of Prussia area.

More than 148,000 residents live within a five-mile radius of this professional office space for lease in Philly and the average household income in the same area is $95,266.

For more information about this Philly office space for lease at 904 Jefferson Avenue Audubon PA or about 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 broker.

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.

Law firm lease clears way for Center City’s first non-Comcast office tower in a generation

Law firm Morgan, Lewis & Bockius LLP is moving from Center City’s core business district near City Hall to a new custom-built $200 million home near the banks of the Schuylkill, a hopeful sign in a city that has seen little ground-up office construction despite demand for commercial space.

Morgan Lewis has signed a lease to become the sole occupant of what’s being called 2222 Market, a 19-story, 305,000-square-foot tower to be built for the law firm at 23rd and Market Streets, developer Parkway Corp. said Monday.

The project will be Center City’s first non-Comcast Corp.-related commercial office building in more than 20 years, as developers struggle to build in a city where rents make it hard to justify the cost of new construction.

Parkway aims to begin construction this summer to allow Morgan Lewis to take occupancy in 2023.

“I hope it’s a turning point,” Parkway president Robert Zuritsky said.

Office buildings have continued to rise in University City and the Navy Yard, largely aided by Keystone Opportunity Zone tax benefits that help subsidize development at specific sites, but development has been more sluggish in Center City itself.

Citywide, only two office properties are under construction, both of them single-tenant buildings at the Navy Yard.

Center City, meanwhile, has seen just a handful of new buildings since the skyscraper construction boom of the late 1980s and early 1990s, outside of Comcast Corp.’s big headquarters and tech towers.

But developers are increasingly rolling out proposals for new Center City office buildings in hopes that tenants will bite.

Brandywine Realty Trust recently disclosed plans for a 23-story commercial and residential tower on the 2100 block of Market Street, and Parkway itself has been working on another office building proposal on land it owns at 20th and Arch Streets.

With an average office vacancy rate of 9.9%, which is below national levels, demand for new office space should be high in the city.

But “one market fundamental that continues to plague Philadelphia developers is [relatively low] average asking rents,” they said.

Sarah E. Bouchard, Morgan Lewis’ managing partner for the Philadelphia office, said her firm would be paying higher rent at the new bespoke building than at its existing home at 1701 Market St.

Parkway solidified its control over most of the block where the Morgan Lewis headquarters will rise with its 2015 acquisition of several parcels it didn’t already own there from since-deceased real estate investor and porn impresario Richard Basciano.

The long-blighted block included the site of what had been Center City’s last porn theater, the Forum Theatre, which closed in 2012.

Parkway began working on designs for the project about a year ago, as Aramark Corp. and the upscale Fitler Club membership club were moving into the nearby former industrial building at 2400 Market St., which had been overhauled by developer PMC Property Group.

Bouchard said her firm was drawn to the area’s up-and-coming vibe when it was contemplating a move from its current home.

“Where we will be, at 2222 Market, is really developing,” she said. “It’s going to be exciting.”

Article courtesy of the Inquirer

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.

Akin Gump is taking 30,000 square feet at 1735 Market St. in Philadelphia

A year after purchasing 1735 Market St. in Center City, Silverstein Properties has landed international law firm Akin Gump Strauss as a tenant and expanded one of its long-term tenants in the office building to push the occupancy well north of 90%.

Now at Two Commerce Square, Akin Gump signed a 16-year lease on 30,000 square feet at 1735 Market. Robert Half International renewed and grew to a total of 17,401 square feet from 14,577 square feet on the 25th floor of the building. The human resources consulting firm has been a tenant in 1735 Market since 2001.

“That was our first major lease since acquiring the building,” said Jeremy Moss, executive vice president at Silverstein about Aikin Gump. “We were very excited about that. We were delighted it was a tenant of this size and a tenant of this stature.”

The lease also underscored Silverstein’s thesis of the Philadelphia market and why the New York real estate company decided to enter it with the acquisition of 1735 Market. Silverstein had looked at another office building in Center City but a deal never materialized. It used that experience as a way to learn about the market and it eventually led to the $451 million purchase of the 51-story, 1.3-million-square-foot office tower that it bought in partnership with Arden Group and Migdal Insurance.

“We think Philadelphia is entering a really strong phase for a lot of different reasons,” Moss said.

*Article courtesy of Philly Biz 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.

Highly Visible Philly Office Space for Sale or Lease in Abington

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 highly visible Philly office space for sale or lease at 1021 Old York Road Abington PA.

This well-located office space in Abington PA is in a free-standing building and the asking lease price for this office space in Abington PA at 1021 Old York Road Abington PA is $18.00/SF NNN. Please call the asking sale price of this Philly office space for sale or lease. For more information about this office space in Abington PA, please contact Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

Ideal for both professional office or medical use, this Philly office space for sale or lease at 1021 Old York Road Abington PA is fully built out with premier finishes. In addition, this office space in Abington PA has pylon signage available on Old York Road and more than 37,000 vehicles per day pass by.

This Philly office space for sale or lease 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 384,000 potential customers live within a five-mile radius of this Philly office space for sale or lease at 1021 Old York Road Abington 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 $76,218.

For more information about this Philly office space for sale or lease at 1021 Old York Road Abington PA about any other Philly commercial properties for sale or lease, please contact Mitchell Russell (215-799-6143; mitch.russell@wolfcre.com) or Sean Kelly (215-799-6146; sean.kelly@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.

Astoban Investments Buys Freeman’s Former Headquarters for $14.3 Million

Local Developer Plans Condo Project in Philadelphia’s Center City

Local full service development firm Astoban Investments has purchased the former headquarters of Freeman’s auction house in Philadelphia’s Center City from a private family trust for $14.3 million, or about $330 per square foot.

The 43,284-square-foot, six-story building at 1808-1810 Chestnut St. was completed for the auction house in 1924.

Astoban Investments said in a June application to the Philadelphia Historical Commission that it wanted to convert the property into condos.

Freeman’s plans to move to an office building anchored by Aramark at 2400 Market St. on the Schuylkill waterfront.

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 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 Gene Therapy Company Signs Large Lease in Philly’s University City

Across the globe, Philadelphia is known more for its homegrown hip hop giants and boxing greats than for its long history of health sciences innovation. But as the home of the United States’ first teaching hospital, surgical amphitheater and medical library, Philadelphia continues to build on its legacy as a healthcare powerhouse.

Since late 2018, Philadelphia has seen a surge of expansions by companies using innovative gene therapy techniques to treat cancer and rare diseases. If momentum continues at its current pace, the city even stands a fighting chance at surpassing biotechnology hubs like the San Francisco Bay Area and Boston/Cambridge as the U.S.’ center for healthcare innovation over the next decade.

In October, Limelight Bio joined the list of life sciences firms, including Iovance Biotherapeutics, Spark Therapeutics and Amicus Therapeutics, which have all committed to major Philly-area growth plans over the past 13 months.

Limelight Bio has leased 25,000 square feet, taking the entire 16th floor at Healthpeak Properties’ Science Center at 3535 Market. The firm plans to move into its new space by the second quarter of 2020.

Among the recent batch of life sciences expansions, this deal is unique for at least two reasons:

Limelight Bio Is a Product of the University of Pennsylvania’s Pennovation Center

Unlike Iovance and Amicus, which are headquartered out-of-state but have announced recent Philadelphia expansions to enhance their collaboration with Philly’s wealth of healthcare research institutions, Limelight Bio is strictly a product of hometown innovation.

When it takes occupancy at 3535 Market, the venture capital-backed firm will be moving out of its birthplace, the Pennovation Center on Gray’s Ferry Avenue. Owned and operated by the University of Pennsylvania, Pennovation Center is a business incubator which offers startups a mix of coworking space, lab facilities and an auditorium/event space.

Limelight Bio’s growth is an early sign that the work at Pennovation Center, which opened in 2016, is bearing fruits for Philadelphia’s economy and real estate markets. It also foreshadows future expansions that will come from the Cambridge Innovation Center, which opened a 125,000-square-foot incubator at 3675 Market less than one year ago.

This Lease Involves a 1970s-Built Property, Rather Than a New Development

Due to their advanced technological needs, most recent leases by gene therapy firms including Iovance and Amicus have gone to newly developed properties. While these expansions provide a huge boost to Philadelphia’s economy, and to developers’ profits, they do little to help owners of already existing properties who are trying to fill their space.

3535 Market was built in 1973, but since losing Children’s Hospital of Philadelphia (CHOP) as an anchor tenant in 2017, the building’s owner, Healthpeak Properties, completed a $40 million renovation. Healthpeak added a new lobby and facade, while replacing its windows, roof and cooling tower.

These renovations have brought revitalized office space to market in University City at a critical time. With leasing improving and no new office projects likely to deliver before 2021, 2.0 University Place and 3600 Market are the only other modern office properties west of 32nd Street near the heart of Penn’s Campus with more than 20,000 square feet available for immediate occupancy.

The recent upgrades at 3535 Market even convinced CHOP to return to some of its former space within the property. With CHOP continuing to grow and the office market tightening, the healthcare giant recently agreed to move back into a full floor at 3535 Market during the first quarter of 2020.

In higher rent, university-oriented office submarkets like Cambridge’s Kendall Square and Silicon Valley’s Palo Alto, tenant demand is strong enough that tech firms clamor for space, not just in high end new developments, but also existing properties. Limelight Bio’s lease at 3535 Market helps push University City further in that direction as the submarket enters a new decade with plenty of cause for optimism.

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, rettail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space with the Philadelphia commercial properties that best meets 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 for lease or sale through our Philadelphia commercial real estate brokerage firm.