Posts Tagged: Philadelphia Property Owner Representation

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 »

Architectural firm moving HQ to Center City

Formcraft, an architectural firm based in Delaware County, has decided to relocate its headquarters to Philadelphia and bring a total of 31 jobs to the city. The move comes after the company opened a Philadelphia satellite office in 2016 in 2,800 square feet at 1515 Market St. “Our goal at that point was to get… Read more »

Philadelphia’s Market Street West Vacancies Near 10-Year Low

CoStar Market Insights: Center City Philadelphia’s Minimal New Office Construction and Rising Rents Have Local Office Owners in a Comfortable Position Heading Into Late 2019 Philadelphia’s largest office submarket, Market Street West, wrapped up the second quarter in good health. As cited in the latest Market Street West video update, the submarket’s vacancy rate is… Read more »

Center City Coworking Leasing Hits All-Time High in 2019

CoStar Market Insights: Philadelphia Office Fundamentals Are Benefiting As Growing Coworking Operators Move Into This Market for the First Time This week, San Diego-based flexible workspace provider CommonGrounds announced its 62,461-square-foot lease at Shorenstein’s 1700 Market, with the new location scheduled to open by the first quarter of 2020. When CommonGrounds opens the facility, it will be Center City… Read more »

Medecision Inks Deal at CrossPoint at Valley Forge

Medical Software Company Signs Sublease in Wayne, Pennsylvania Medecision, a leader in software solutions for the healthcare industry, subleased 24,726 square feet at Prime US REIT’s Class A office building at CrossPoint at Valley Forge in Wayne, Pennsylvania. The 272,360-square-foot, four-story building at 550 E. Swedesford Road was built in 1974 and renovated in 2014. The 4-Star… Read more »