Posts Tagged: Philadelphia office properties

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… Read more »

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… Read more »

West Philadelphia mixed-use portfolio sells for $15.4M 

A Brooklyn real estate company has picked up a three-building portfolio in the Parkside area of West Philadelphia for $15.37 million. Leser Group bought the properties from Rockland Capital, a Philadelphia real estate company that assembled and developed the buildings that have a mix of retail and office space. The portfolio totals 97,200 square feet…. Read more »

$100M development in University City lines up another tenant

The Barer Institute, a collaborative cancer drug development initiative started by Rafael Holdings, Inc., intends to lease space at the planned 3.0 University Place development in University City. The institute signed a non-binding letter of intent to occupy 2,500 square feet on the fifth floor of the building that will feature 10 other suites totaling… Read more »

Exclusive: Independence Blue Cross buying Center City skyscraper 

The Barer Institute, a collaborative cancer drug development initiative started by Rafael Holdings, Inc., intends to lease space at the planned 3.0 University Place development in University City. The institute signed a non-binding letter of intent to occupy 2,500 square feet on the fifth floor of the building that will feature 10 other suites totaling… Read more »

Independence Blue Cross tower in Center City goes under contract 

At the height of the coronavirus pandemic, Piedmont Office Realty Trust has managed to get 1901 Market St. under agreement for $360 million. Known better as the headquarters for Independence Blue Cross, the 45-story, 801,000-square-foot office tower was put on the market in late February and was expected to trade for an estimated $370 million. Piedmont said… Read more »

Bucks County office complex sees flurry of leases, nears full occupancy

Biohaven Pharmaceuticals Inc. has leased 21,000 square feet at Makefield Crossing to establish a new, Philadelphia-area presence, and is part of several other deals signed at the Bucks County office complex that chips away at its vacancy. Ten deals totaling nearly 100,000 square feet were signed at the Bucks County office complex, bringing its occupancy… Read more »

Center City Philadelphia Office Landlords Not Afraid to Ask for More

Given the city’s notorious wage tax and slow-but-steady pace of office leasing, Center City Philadelphia office owners aren’t used to seeing their market listed at the top of the charts in national rankings. This is particularly the case given that the list of office tenants moving into Center City, while growing, is still somewhat limited…. Read more »

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… Read more »

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… Read more »