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 for $11.25 million to IBEW Local 98. Penn State approved the sale of a neighboring 26,709-square-foot building at 1101 Kitty Hawk Ave. for $7.25 million to Electrical Workers Joint Apprenticeship and Training Trust Fund.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other 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  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Prominent Center City Buildings Face Possible Default

3 Center City office buildings face possible default as tenants leave, loans come due

Philadelphia office buildings face a potentially landscape-altering shift that could shape the market for years to come.

Decreased occupancy rates have reduced leasing income for landlords to pay off commercial mortgages on their office buildings, many of which have suffered significant losses in property value since the start of the pandemic. That spells danger for property owners with millions of dollars in loan balances coming due, putting them at risk of losing possession of the buildings.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other 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  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Digitas Inc. Moving Out of Philly Wanamaker Building

Digitas Inc. moving their office out of the Philadelphia Wanamaker building

Digitas Inc. is cutting in half its Philadelphia office space as the health care advertising agency moves from the Wanamaker Building to the Bourse in Old City.

Digitas’ lease for 108,619 square feet in the historic Wanamaker expires in November. The company is taking about 55,000 square feet of space at the Bourse.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other 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  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

After 46 Years, Fox Rothschild is Relocating Center City Office

Fox Rothschild Relocating in Center City after 46 years

Fox Rothschild will be leaving its home of 46 years at 2000 Market St. — cutting more than 40% of its space in the process — to move across the street. The firm has signed a 15-year lease at Two Commerce Square at 2001 Market and will move in December 2024.

Chairman Mark Morris said the firm knew it wanted to downsize its space, something it has done in 12 of its 29 offices where it had expiring leases in the past two years. The lease at 2000 Market expires in 2025. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other 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  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Independence Health Group Looking to Sublease Center City Office

Independence Health Group looks to sublease up to 224,000 square feet of office space in Center City

Independence Health Group is looking to sublease a large portion, if not all, of the 224,000 square feet of office space it leases at 1900 Market St. across from its Center City headquarters. 

The region’s dominant health insurer has used the space primarily for its AmeriHealth Administrators affiliate. The third-party health plan processor of more than 6 million claims annually consolidated its Horsham and Fort Washington locations at the Market Street office building in 2016. Independence Health Group leases half of the 456,922-square-foot building owned by Brandywine Realty Trust. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other 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  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

WCRE Completes Sublease for ReachMobi

701 Market Street Philadelphia PA

WCRE is proud to have exclusively represented ReachMobi, in the subleasing of 10,500 square feet of office space located at the The Lits Building, 701 Market Street, Philadelphia, Pennsylvania from Five Below, in their corporate headquarters.

ReachMobi develops apps that enable end users to be more efficient, operate their devices more simply and connect to sites that more accurately reflect their interest. ReachMobi’s invaluable array of apps transform devices to enhance functionality and align with the user’s personality and passion.

Five Below was founded in Philadelphia and has quickly become an iconic national retail brand.Opening their first store in Wayne, PA in 2002, Five Below now has over 1200 stores and is in 40 States. Their fun products and brightly lit stores feature all products for $5 or less and have become ubiquitous for US teen culture. Five Below relocated their corporate HQ to 701 Market in 2016, which features open exposed ceilings, exposed brick and beam and a now famous employee amenity space named “Wow Town”.

701 Market itself is a famous asset. Originally constructed in 1893 for the Lit Brother’s Department Store, 701 Market contains 718,000 sf comprised of 650,000 sf of office space and 150,000 sf of retail space. Brickstone purchased the building in 1989 and transformed the original structure and 8 others on the block into the modern office and retail building it is today. Brickstone has rebranded 701 Market as The Lits Building and has refurbished the common areas and office space into modern, exposed brick and beam space, highly sought after by employers to attract and retain talent.

The leasing of this office space adds to WCRE’s growing number of successful office transactions in the Philadelphia market, led by Todd Monahan, Executive Vice President and Managing Director, who exclusively represented the tenant in this transaction.

Comcast Requiring Employees to Work In-Office

Comcast Corp. will begin requiring employees to come into the office four days a week beginning in mid-September.

Comcast Corp. will begin requiring employees to come into the office four days a week beginning in mid-September, according to a source with knowledge of the company’s plans. 

One of the region’s largest employers, Comcast (NASDAQ: CMCSA) had previously required some 8,000 Philadelphia employees to work in-person three days a week on Tuesday, Wednesday and Thursday. The new format will have employees work with their respective managers to determine the days they will report to the two-tower Comcast Center campus in Center City.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other 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  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Center City Office Building Back Up for Sale

801 Market St. in Center City Philadelphia back up for sale

A historic building on Market Street in Center City is up for sale. Again. 

The property for sale at 801 Market St. includes 11 stories of office space, or 703,466 square feet. The portion of the building for sale consists of floors three to 13.

The building was built in 1931, renovated in 2002 and recently housed the Philadelphia Inquirer. It’s listed on the National Register of Historic Places.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other 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  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Center City West is No Longer Considered a ‘Wasteland’

Center City Philly No Longer Wasteland

As Parkway Corp. CEO Rob Zuritsky stood along John F. Kennedy Boulevard between 21st and 22nd streets surveying the neighborhood, he pointed to a number of development sites that are changing the face of the western edge of Center City. Nearby, construction equipment was scattered on once empty lots, where soon looming structures will rise. 

Like the bustle of construction, Zuritsky’s hand gestures were exuberant, so much so that a passerby asked if he knew where he was going. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other 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  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Brandywine Realty Trust capitalizing on tenants’ flight to quality

Brandywine Realty Trust capitalizing on tenants' flight to quality

Despite challenges in the office market, Brandywine Realty Trust CEO Jerry Sweeney believes his company is well positioned moving forward because of the high quality of its buildings and shifting portfolio.

In-person tours of Brandywine (NYSE: BDN) properties were up 40% in the first quarter compared with the same timeframe in 2022 and up 27% compared with pre-pandemic levels.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other 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  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.