Prominent office leases signed by Hana, Morgan Lewis and Paypal
As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. Beginning this year, CoStar is recognizing the largest leases completed each quarter and the dealmakers who made them happen in their respective market.
Here are the Philadelphia office leases selected as the First Quarter 2020 winners of the CoStar Power Broker Quarterly Deal Awards:
TOP LEASE: 2222 Market St Philadelphia, PA
Space Leased: 307,998 SF
Deal Type: New Lease
Sign Date: January 9, 2020
Tenant: Morgan Lewis
Deal Commentary. Philadelphia’s largest office lease for the first quarter of 2020 belongs to law firm Morgan Lewis & Bockius’ deal to occupy all of 2222 Market, which will serve as the firm’s headquarters once the tower delivers. Construction on the office tower is set to begin this summer, but the project could face delays as a result of the coronavirus pandemic.
TOP LEASE: 4000 Chemical Rd Plymouth Meeting, PA
Space Leased: 60,593 SF
Deal Type: New Lease
Sign Date: January 29, 2020
Size: 125,550 SF
Tenant: Paypal
Deal Commentary: Online payment system Paypal inked a lease to occupy 60,593 square feet at the Metroplex Corporate Center. Paypal is consolidating multiple local offices into a single building.
TOP LEASE: 1818 Market St Philadelphia, PA
Space Leased: 50,745 SF
Deal Type: New Lease
Sign Date: January 2, 2020
Size: 1,143,040 SF
Tenant: Hana
Deal Commentary: Coworking firm Hana signed a five-year lease to occupy 50,745 square feet on the ninth and 10th floors at 1818 Market St.
TOP LEASE: 426 W Lancaster Ave Devon, PA
Space Leased: 55,941 SF
Deal Type: New Lease
Sign Date: January 30, 2020
Size: 64,445 SF
Tenant: Mullen Coughlin
Deal Commentary: Law firm Mullen Coughlin signed a lease deal to occupy 55,941 square feet at Devon West. The property was recently renovated in 2019, featuring a new glass atrium, updated lobby, restrooms and elevators.
TOP LEASE: 2 W Liberty Blvd Malvern, PA
Space Leased: 60,307 SF
Deal Type: New Lease
Sign Date: February 12, 2020
Size: 128,000 SF
Tenant: The Vanguard Group
Deal Commentary: The Vanguard Group leased 60,307 square feet on the third floor at 2 W. Liberty Blvd. Quarry Ridge offers accessibility to the Pennsylvania Turnpike and Routes 202, 29, 30 and 401.
TOP LEASE: 100 Penn Sq E Philadelphia, PA
Space Leased: 41,277 SF
Deal Type: New Lease
Sign Date: February 26, 2020
Size: 1,389,838 SF
Tenant: Mindspace
Deal Commentary: Mindspace signed a 41,277-square-foot lease on the fourth floor at 100 Penn Square E., which is known as the Wanamaker Building. The building was constructed in 1911 for the Wanamaker Department Store and its corporate offices. It has since been transformed from a department store to a Class A office and retail property.
TOP LEASE: 3419 Silverside Rd Wilmington, DE
Space Leased: 60,000 SF
Deal Type: New Lease
Sign Date: February 12, 2020
Size: 60,000 SF
Tenant: Marlette Funding
Deal Commentary: Marlette Funding, a financial technology company that's expanding, signed a 60,000-square-foot lease at Concord Plaza, which is located at 2419 Silverside Road.
TOP LEASE: 1735 Market St Philadelphia, PA
Space Leased: 34,987 SF
Deal Type: New Lease
Sign Date: February 28, 2020
Size: 1,354,374 SF
Tenant: Dechert
Deal commentary: Another law firm has made it into Philadelphia's top office leases for the first quarter. Dechert leased over 34,000 square feet in Center City Philadelphia at 1735 Market St.
TOP LEASE: 402-404 Lippincott Dr Marlton, NJ
Space Leased: 53,000 SF
Deal Type: New Lease
Sign Date: January 20, 2020
Size: 53,000 SF
Tenant: Consensus Health (CHA)
Deal Commentary: Consensus Health signed a 10-year, 53,000-square-foot lease at 402-404 Lippincott Drive in Marlton. The property is about a 30-minute drive from Center City Philadelphia.
TOP LEASE: 475 Sentry Pky Blue Bell, PA
Space Leased: 39,712 SF
Deal Type: New Lease
Sign Date: January 30, 2020
Size: 79,560 SF
Tenant: Qualtek
Deal Commentary: Qualtek signed a 39,712-square-foot lease at One Sentry Park, which is located at 475 Sentry Parkway.
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