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 »
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 »
The owner of the iconic Wanamaker building contemplates transforming its office space into residential units due to ongoing tenant departures. Since the 112-year-old property entered receivership in September, Rubenstein Partners has been steering the future of this 1.4 million-square-foot site. In a statement to the Philadelphia Business Journal, Rubenstein acknowledged the challenges within Philadelphia’s central… Read more »
LevLane, a long-time resident of the Wanamaker building, has shifted its Center City headquarters to One Logan Square, reflecting the ongoing trend of businesses downsizing and seeking more appealing office spaces in light of the rise in hybrid and remote work arrangements. This transition took place over the summer, and the advertising agency now occupies… Read more »
We’ve recently learned the purchase price Alterra Property Group paid for 1701 Market St. last month, and it serves as a stark indicator of the declining value of office buildings in Philadelphia’s central business district. The building, located at 17th and Market streets and soon to be vacant, was sold for $26.25 million according to… Read more »
The two most influential factors affecting cities’ downtown recovery are industry mix and commute times, according to new research by the Center City District. That’s a positive sign for Philadelphia, which boasts a diverse mix of downtown land uses and a growing Center City residential population. Center City District analyzed the downtowns of 26 cities across… Read more »
Wolf Commercial Real Estate (“WCRE”) is delighted to announce that they have been appointed the exclusive leasing agent for the Kevon Office Center (“KOC”), situated at 2500 McClellan Avenue in Pennsauken, New Jersey. Kevon Office Center was recently acquired by Alinea Capital Group, a private investment firm located in Philadelphia. Ownership has started a comprehensive… Read more »
Wolf Commercial Real Estate (WCRE) is thrilled to announce that it has been appointed as the exclusive leasing agent for the prestigious Rodin Place, located at 2000 Hamilton Street in Philadelphia, Pennsylvania. Strategically nestled within the vibrant and culturally rich neighborhoods of Fairmount and the Art Museum of Philadelphia, Rodin Place stands as an exceptional… Read more »
The historic Wanamaker Building has been placed in receivership as one of Center City’s most recognizable office properties struggles to retain tenants and debtholders pursue foreclosure to satisfy a $112 million unpaid mortgage balance. An emergency petition filed by Wilmington Trust N.A. for the appointment of a receiver was granted Sept. 6, according to filings… Read more »
The Philadelphia region has 21 office properties under construction totaling over 3.7 million square feet, as of the third quarter of this year. Over 70% of the new office development is concentrated in two downtown areas: University City and the Market Street West section of Center City. University City alone accounts for 1.2 million square… Read more »
