Posts Tagged: Philadelphia

Philadelphia City Officials Project a Staggering $1 Billion Decline in Assessed Value for Office Buildings

Philadelphia City Officials Project a Staggering $1 Billion Decline in Assessed Value for Office Buildings

Philadelphia officials anticipate a substantial decrease of approximately $1 billion in the total assessed value of office buildings throughout the city, attributed to financial challenges faced by property owners and escalating vacancy rates. Finance Director Rob Dubow highlighted the necessity of accounting for these declining valuations in Mayor Cherelle Parker’s proposed budget for fiscal year… Read more »

Center City Office Portfolio of 4 buildings Returned to Lender, Sale Pending

Center City Office Portfolio of 4 buildings Returned to Lender, Sale Pending

In late December, a lender assumed control of a four-building Philadelphia office portfolio, and discussions are underway for the potential sale of two of the properties. KKR Real Estate Finance Trust Inc. (NYSE: KREF), a subsidiary of New York-based alternative investment firm KKR, disclosed in its quarterly earnings filing with the Securities and Exchange Commission… Read more »

4-Star Hotel to Replace Former Family Court Building

4-Star Hotel to Replace Former Family Court Building

Frontier Development & Hospitality Group aims for “really prominent” food and beverage partners and a four-star designation for its redevelopment of the former Family Court building into a 215-key hotel, according to Managing Principal Evens Charles. The 247,196-square-foot structure at 1801 Vine St. is part of a broader development plan along the Benjamin Franklin Parkway…. Read more »

Mayor Parker is Considering More In-Office Days for City Workers to Boost Center City’s Recovery

Mayor Parker is Considering More In-Office Days for City Workers to Boost Center City's Recovery

Philadelphia City Hall, with its iconic oversized William Penn statue, symbolizes the city. The SEPTA station beneath connects the transit network, and Dilworth Park’s family-friendly attractions are popular among tourists and locals alike. However, the offices adjacent to this beloved Second Empire structure face significant challenges. Data reveals that among the six private-sector office buildings… Read more »

Raynes & Lawn Leaves Rittenhouse as Lubert-Adler Moves to the Battery

Raynes & Lawn to relocate office after 55 years as Lubert-Adler moves to Fishtown

The personal injury law firm, Raynes & Lawn, is bidding farewell to its 55-year home on Rittenhouse Square, opting to transition into space at 2400 Market St. currently occupied by Lubert-Adler, as the latter relocates its headquarters to The Battery in Fishtown. The move is scheduled for April 1. Raynes & Lawn will initially occupy… Read more »

Center City Office Building on Market, Signaling Potential Sales Trend

Center City office building hits market in what could be indicator for future sales

Amidst a slowdown in the office sales market, a boutique property in Philadelphia’s central business district is available for sale at a likely discounted price. The 15-story, 133,353-square-foot office building at 1760 Market St. is listed by owner Victor F. Keen, a retired tax attorney. While the listing lacks a specific price, industry estimates suggest… Read more »

Stradley Ronon Gives Back Office Space at One Commmerce

Stradley Ronon gives back 25% of its office space at One Commerce Square

Stradley Ronon Stevens & Young has exercised a lease option to relinquish one of the four floors it occupied at its long-standing headquarters in One Commerce Square. Effective January 1, the law firm downsized its space at the 2005 Market St. office building by 25%, reducing it from 92,000 square feet to 69,111. Co-Chairman Kevin… Read more »

Centre Square Negotiates Decrease in Property Tax Assessment

Centre Square negotiates $113M decrease in property tax assessment amid receivership

The owners of Centre Square have successfully negotiated with the city to reduce the property tax assessment on the challenged office complex by $113 million for the current year, while the two-building site remains in receivership with declining occupancy levels. The assessed value of this Center City property, initially set at $362.6 million, will undergo… Read more »

Dow Signs Largest Philly Office Lease

Dow Signs What May Be Philadelphia Market’s Largest Office Lease in More Than a Decade

David Werner Real Estate Investments has recently inked a substantial, long-term lease extension encompassing 800,000 square feet with Dow at its life sciences and office campus in Collegeville, Pennsylvania. This transaction stands out as one of the largest leases executed in the region in over a decade. Notably, it marks the most extensive office lease… Read more »

1818 Market Street Nears Default as Owner Seeks Loan Renegotiation

1818 Market Street faces 'imminent' default as Center City office building's owner seeks to renegotiate $223M loan

The owner of 1818 Market St. is actively pursuing a renegotiation of the terms for a $223 million loan tied to the Center City property, just shy of two months before its March 9 maturity date. Originated by Barclays in 2021, the debt was subsequently sold to investors as commercial mortgage-backed securities (CMBS). San Francisco-based… Read more »