Nerd Street Gamers takes space on North Broad Street in Center City 

Nerd Street Gamers has expanded in its hometown and leased 35,000 square feet at 401 N. Broad St. in Philadelphia, according to sources familiar with the matter.

The deal is the latest move for the fast-growing, Philadelphia esports company. Nerd Street raised $10 million earlier this summer and is looking to raise a total of $35 million by the end of the year to support its expansion across the country.

The company is focused on adding more than 100 esports venues called Localhosts in Five Below stores, sports stadiums and college campuses over the next five years. The company so far has locations in Austin, Denver, Los Angeles and in Philadelphia at the Wells Fargo Center in South Philadelphia and at its home base at 908 N. 3rd St.

The venues provide a space where people can game together for a fee and participate in amateur tournaments. The new location at 401 N. Broad is expected to be another such venue.

“We’re excited about our venture with Nerd Street Gamers,” said Jerry Marshall, CEO of Amerimar Enterprises Inc. and Netrality Properties, which owns 401 N. Broad. Marshall declined to elaborate other than to say more details would be disclosed in September.

An effort to reach a representative from Nerd Street for comment was unsuccessful.

The building at 401 N. Broad, originally constructed in 1930 for Reading Co., is not a typical office property and is seemingly made for Nerd Street’s business model. The 11-story, 1.3-million-square-foot building was redeveloped into one of the most important telecom hotels along the East Coast. The property is considered the most fiber-dense, network-neutral facility between New York and Virginia.

The building is a significant center for data and internet traffic and offers data center infrastructure for carriers and service providers. One of the main characteristics that attracts telecom companies to the building is its location, which gives them the ability to tap into so-called long-haul fiber in the region that provides access to fiber routes to Europe.

When Netrality acquired 401 N. Broad, it decided to invest $70 million in renovations that also included taking a portion of the space to create a “Meet-Me-Room,” or MMR. That is a space within a telecom hotel where different networks can come together and connect with each other. In the case of 401 N. Broad, for example, a lot of international connections run through the building. The MMR at 401 N. Broad will be a carrier neutral room.

In addition to Five Below, Nerd Street investors include Comcast Spectacor, Elevate Capital and SeventySix Capital. Five Below CEO Joel Anderson, Comcast Spectacor President Tucker Roberts and Wayne Kimmel of SeventySix Capital all sit on Nerd Street’s board.

*Article courtesy of 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 856-857-6300.

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.

Center City Philly Office Space for Lease on JFK Boulevard

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

This well-located Philly office space has 2,488 square feet available at 1500 John F. Kennedy Boulevard Philadelphia PA. This Philly office space for lease presents an excellent Center City sublease opportunity, and the lease term of this Philly office space for lease expires on June 30, 2022.

The asking lease price for this Philly office space at 1500 John F. Kennedy Boulevard Philadelphia PA in the 2 Penn Center building is $28.00 sf full service, a price that is $3.00 sf under the standard asking rent. This office space in Philly is available for immediate occupancy through Wolf Commercial Real Estate, a leading Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

Located in a 20-story Class “A” office facility, this Philly office space for lease at 1500 John F. Kennedy Boulevard Philadelphia PA is part of a 502,531-sf building along the Market Street West corridor. There are four furnished private offices at this Philly office space for lease in the 2 Penn Center building, and there also is a large conference room with an open common area.

This Philly office space for lease at 1500 John F. Kennedy Boulevard Philadelphia PA in the 2 Penn Center building has a kitchenette, and – in addition – there are upgraded common corridors and restrooms at this Philly office building.

More than 73,000 people live within a one-mile radius of this Philly office space for lease in the 2 Penn Center building that is available through Wolf Commercial Real Estate, a leading Philly commercial real estate broker. The average household income within that same distance of this office building in Philly at 1500 John F. Kennedy Boulevard Philadelphia PA is $80,557.

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

Fully Approved Philly Office Space for Sale or Lease

Wolf Commercial Real Estate, the foremost Philly commercial real estate broker with experience in Philly commercial real estate listings and services, now has available a fully approved, 128,000 square foot development of Philly office space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA.

This Philly office space for sale or lease – designed with tenant medical applications in mind – is being offered by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services. Please call for the asking sale price and the asking lease price of this Philly office space for sale or lease.

The main building of this Philly office space for sale or lease contains +/- 120,000 sf in five stories while the ancillary building of this Philly medical office space for sale or lease has +/- 8,000 sf on one floor. Overall, this Philly office space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA sits on more than seven acres.

This office space for sale or lease in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This office space for sale or lease in Philly is intended to provide premier medical space for Northeast Philadelphia. There also are branding and naming opportunities for this office space in Philly at 2201 East Allegheny Avenue Philadelphia PA. In addition, the tenant of this office space in Philly will receive a 10-year Philadelphia tax abatement for new construction.

This office space for sale or lease in Philly is just a half-mile from the Allegheny Station of the SEPTA Regional Rail Line and this Philly medical office space for sale or lease also is that same distance from Exit 25 of Interstate 95.

The land surrounding this Philly medical office space for sale or lease can be configured to offer ample parking opportunities for employees and patients. This office space in Philly is in the gentrified Port Richmond neighborhood of Northeast Philadelphia.

For more information about this Philly office space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA, or about any other Philly commercial properties for sale or sale or lease, please contact Chris Henderson (856-857-6337; chris.henderson@wolfcre.com), Andrew Beauchemin (215-799-6145; andrew.beauchemin@wolfcre.com), or Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) at Wolf Commercial Real Estate, a leading 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 or sale through our Philly commercial real estate brokerage firm.

Well-Located Philly Retail Space for Lease on Passyunk Avenue

Wolf Commercial Real Estate, a leading Philly commercial real estate broker, is now offering premier Philly retail space for lease at 1804-1808 East Passyunk Avenue located in what is known as one of the country’s top restaurant neighborhoods.

There is between 900 sf and 2,800 sf of retail space in Philly available for lease at this property that has 53 feet of street frontage. There also is 20 feet of premier window footage at this Philly retail space at 1804-1808 East Passyunk Avenue Philadelphia PA. Please call for information about the asking lease price for this retail space in Philly.

The segment of Passyunk Avenue in South Philadelphia that is home to this retail space in Philly has been named one of the “Top Ten Foodie Streets in America” by Food and Wine magazine. In addition, Zagat magazine says this Philly retail space for lease is in the city’s top food neighborhood. This Philly retail space for lease at 1804-1808 East Passyunk Avenue Philadelphia 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.

This recently renovated Philly retail space is a mixed-use property; its zoning designation of CMX-2 opens up this retail space in Philly for a wide range of applications. There are unique interior aspects to this retail space in Philly – such as an exposed brick wall – and there is rear access for potential loading needs at this retail space in Philly.

There are more than 103,000 people living within a one-mile radius of this Philly retail space at 1804-1808 East Passyunk Avenue Philadelphia PA. The average household income in that same area of this retail space in Philly is $46,721. Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, has been retained to market this retail space in Philly.

For more information about this Philly retail space, or about any other Philly commercial properties for sale or lease, please contact Mitch Russell (215-799-6143; mitch.russell@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, warehouse properties, industrial properties, land properties, retail spaces 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.

Philly Office Space for Lease in Morrisville PA

Wolf Commercial Real Estate, a leading Philly commercial real estate broker with expertise in Philly commercial real estate listings and services, now has available Philly office space for lease at 6 East Trenton Avenue Morrisville PA.

This Philly professional office space for lease at 6 East Trenton Avenue Morrisville PA has two suites of finished Philly professional office space for lease totaling 5,300 sf. These two suites of professional office space in Philly are contiguous and can be combined; one contains 4,000 sf of Philly professional space for lease while the other is 1,300 sf.

Please call for the asking lease price for this professional office space in Philly. This Philly office space for lease is being offered by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services. This Philly office space for lease is a full-service lease opportunity.

Eventual renters will join ground-floor anchor-tenant Bank of America at this Philly professional office space for lease, and the Calhoun Street Bridge to New Jersey is just one minute away from this Philly office space for lease. Leasing opportunities for this professional office space in Philly are available through Wolf Commercial Real Estate, a leading Philly commercial real estate broker with expertise in Philly commercial real estate listings and services.

This Philly office space for lease is located just off Route 1 with easy access to I-295 and I-195. This professional office space for lease in Philly is across from the Morrisville Shopping Center. Nearly 134,000 residents live within a three-mile radius of this office space for lease in Philly and the average household income in the same area surrounding this Philly office space for lease is $59,697.

For more information about this Philly office space for lease at 6 East Trenton Avenue Morrisville PA, or about any other Philly commercial properties for sale or lease, please contact Ty Martin (215-799-6144; ty.martin@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 lease or sale through our Philly commercial real estate brokerage firm.

Prime Philly Office Space for Lease in Audubon 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 prime Philly office space for lease at 904 Jefferson Avenue Audubon PA.

This Philly office space for lease at 904 Jefferson Avenue Audubon PA contains a total of 18,468 sf of divisible Philly office space for lease. Ideal for many professional uses, this Philly office space for lease is a shell space that would enable a custom tenant fit-out. This office space in Philly has 16-foot to 22-foot exposed ceiling and there is a new HVAC system at this Philly office space for lease.

The asking lease price for this office space in Philly is $24.00 sf gross plus electric. 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 Philly office space sits on two-plus acres and there are more than 100 parking spaces at this Philly office building for lease. There also is new local ownership in place at this Philly office space for lease. The Jefferson Avenue and Eisenhower bus stop is adjacent to this Philly office space for lease at 904 Jefferson Avenue Audubon PA.

More than 148,000 people reside within a five-mile radius of this office space in Philly while the average household income in the same geographic area near this Philly office space for lease is $95,266. This Philly office building 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.

For more information about this Philly office space for lease at 904 Jefferson Avenue Audubon PA or about any other Philly commercial properties for lease, please contact Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) or Chris Henderson (215-799-6900; chris.henderson@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.

Brandywine sells 30% stake in Commerce Square for $115M

Brandywine Realty Trust has sold a 30% stake in One and Two Commerce Square for $115 million, raising money to invest back into the company’s future projects.

Brandywine, a Philadelphia real estate investment trust, said it closed on the transaction with an undisclosed global institutional investor in a deal the company values as a $600 million joint venture. A Brandywine spokeswoman said that at the request of the investor, the company isn’t divulging the name at this time.

Brandywine, which released second quarter results late Wednesday, is scheduled to have a quarterly earnings call Thursday.

As part of the deal, Brandywine (NYSE: BDN) and the undisclosed buyer will invest $20 million into the 1.9-million-square-foot Center City office complex. The transaction is subject to an existing $222 million mortgage, and Brandywine said it raised around $100 million in net cash proceeds as part of the transaction.

Brandywine said it will continue in its role as property manager and leasing agent for the two, 40-story building complex that totals 1.9 million square feet. Commerce Square includes a 519-space underground parking garage and a 30,000-square-foot courtyard.

Tenants include Ernst & Young, Pew Charitable Trusts and Stradley Ronon Stevens & Young.

“This transaction creates a valuable partnership with one of the world’s top real estate investors, marking their first direct office investment in downtown Philadelphia,” Brandywine said in a statement.

The deal with the investor allows it to be passive and gives Brandywine the ability to raise capital without diluting shareholder value.

Brandywine also said the deal positions Commerce Square for continued growth and will generate $100 million “to accelerate the execution of our business plan.”

Commerce Square was built in the late 1980s and early 1990s. Brandywine said it will record a gain on the transaction during the third quarter in excess of $270 million subject to final closing settlements.

Brandywine Realty Trust purchased One and Two Commerce Square in 2013 for $331.8 million, or $175 a square foot. The company acquired the properties from Parkway Properties Inc., which merged with Thomas Properties Group Inc.

The deal helped solidify Brandywine as the lead landlord of Center City trophy space.

Brandywine reported second-quarter funds from operations — a key industry metric for REITs — of $57.7 million, or 34 cents per share, down from $62.2 million, or 35 cents per share, in the year ago period.

*Article courtesy of Philadelphia Business 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

Philly Office Space for Lease on Jefferson Avenue in Audubon

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 lease at 904 Jefferson Avenue Audubon PA.

The asking lease price for this office space in Philly at 904 Jefferson Avenue Audubon PA is $14.00 sf gross plus utilities. This Philly office space for lease is a shell space that enables custom tenant fit-out.

This office space in Philly available for lease is a divisible 18,486 sf. Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services, is handing all lease negotiations for this office space in Philly.

There is exterior building signage available at this Philly office space for lease at 904 Jefferson Avenue Audubon PA, and it sits on more than two acres of land. This office space in Philly has more than 100 parking spaces.

This Philly office space for lease has a new HVAC system. This office space in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

More than 148,000 residents live within a five-mile radius of this Philly office space for lease at 904 Jefferson Avenue Audubon 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 lease is $95,266.

For more information about this Philly office space for lease at 904 Jefferson Avenue Audubon PA about any other Philly commercial properties for sale or lease, please contact Chris Henderson (856-857-6337; chris.henderson@wolfcre.com) or Mitch Russell (215-799-6143; mitch.russell@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.

Prime Philly Office Space for Lease Near City Hall

Wolf Commercial Real Estate, the leading Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is offering prime Philly office space for lease at 2 Penn Center Philadelphia PA.

The asking lease price for this office space in Philly for lease is $24.50 sf, which means this Philly office space is available for a discounted Center City rent. The term of discounted rent for this office space for lease in Philly expires on September 30, 2022. 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.

There are 7,862 sf of Philly office space for lease at 2 Penn Center Philadelphia PA. This Philly office space for lease is situated inside a 20-story Class A office building containing a total of just over 500,000 square feet.

This Philly office space for lease at 2 Penn Center Philadelphia PA has multiple private offices with more than 50 workstations. There also are three full conference rooms and an en-suite kitchenette in this Philly office space for lease.

More than 73,000 people reside within a one-mile radius of this office space in Philly while the average household income in the same geographic area near this Philly office space for lease is $80,557. 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.

The building containing this Philly office space for lease is positioned within the desirable Market Street West corridor. There also is direct concourse access to Suburban Station and the Regional Rail Lines from this office space in Philly as well as the Love Park Parking Garage.

For more information about this Philly office space for lease at 2 Penn Center Philadelphia PA or about any other Philly commercial properties for lease, please contact Ty Martin (215-799-6144; ty.martin@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.

Parent of Independence Blue Cross closes on $360M purchase of HQ

Independence Health Group, parent company to Independence Blue Cross, has closed on buying its Center City headquarters building for $360 million, or $450 a square foot.

The Philadelphia Business Journal first reported last month that Independence had put the 800,000-square-foot building at 1901 Market St. under contract.

Piedmont Office Realty Trust Inc. (NYSE:PDM) was the seller of the 45-story building, which it acquired for $174 million in 2003. Piedmont is based just outside of Atlanta.

Independence is the region’s largest health insurer and had previously owned the 31-year-old skyscraper. It sold 1901 Market St. in the mid-1990s to Prudential Insurance Co. for what was believed to be around $150 million.

“The purchase of our headquarters at 1901 Market Street is a special moment for our company. More importantly, it signifies our long-term commitment to this neighborhood, the City of Philadelphia and to the amazing people who live and work here,” said Independence Health Group CEO Daniel J. Hilferty, in a statement.

Nearly 2,500 of the insurance company’s employees work from the building.

Since it was built, the building has been associated with the insurer and has become part of its brand. It is a prominent building in Philadelphia’s skyline and has Independence Blue Cross’ name on top of it. Over the last eight years, more than $110 million in upgraded were made to the building including a new lobby, outdoor plaza, renovations throughout for a more modern look, new mechanical systems and other amenities.

The insurer occupies other space along West Market Street including 218,000 square feet across four floors at 1900 Market St.

The roughly $450 per square foot sale price represents one of the top transactions for a Philadelphia office building on a per-square-foot basis. However, it doesn’t break the record of $628 per square foot set by the 2018 sale of GlaxoSmithKline’s headquarters at the Philadelphia Navy Yard.

Independence recently invested upwards of $100 million in top-to-bottom upgrades to the building.

The insurer, one of Center City’s largest employers, has had a commitment to the building for the long term. Independence Blue Cross has a lease on the space until 2033 and has two 10-year options to remain in the space.

Independence Blue Cross saw its profit more than quadruple in 2018, largely because of a significant decline in medical claims spending. The insurer generated a profit of $324 million on revenue of $16.3 billion. In 2017 the parent company of Independent Blue Cross has a net income of $77 million and revenues of $16.4 billion. It ended 2018, the most recent financials available, with a $2.9 billion surplus, which is in the “efficient” range as defined by the Pennsylvania Insurance Department.

*Article courtesy of Philadelphia Business 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