Monday, August 17, 2026
Department of Aviation Acquires Vacant Office Building Near Philadelphia Airport
By Rachel Whaley with CoStar AI CoStar Research
The Department of Aviation, an agency of the City of Philadelphia, finalized its purchase of a vacant, five-story office building at 8800 Tinicum Blvd. in Philadelphia from Office Properties Income Trust, a real estate investment trust externally managed by The RMR Group, for $42 million, or $95.24 per square foot.
The building sale was disclosed in Office Properties Income Trust's second-quarter earnings report. Formerly occupied by PNC Bank until early 2024, the 441,000-square-foot building occupies a 32-acre site just across I-95 from the Philadelphia International Airport.
The Department of Aviation has no immediate plans for the property and expects the building to remain vacant over the next three years as it finalizes a Master Plan Update for the airport. This strategic framework is focusing on plans to modernize airport facilities by projecting passenger demand through 2040 and outlining an associated 20-year capital improvement program.
The former bank operations center was the last office property Office Properties Income Trust owned in Philadelphia. The trust had previously hired a team of brokers with Avison Young to serve as the exclusive leasing agents for a planned redevelopment of the site into a new 477,500-square-foot logistics facility, but those plans never got off the ground.
Comcast signs one of midtown Manhattan’s biggest leases of 2026
By Andria Cheng CoStar News
Comcast Advertising is poised to become the largest tenant at a Times Square office tower undergoing a major renovation, the latest sign that companies continue to favor upgraded workplaces with robust amenities.
The advertising arm of Philadelphia-based Comcast, one of the nation's largest telecommunications and media companies, signed a 140,000-square-foot lease at 1540 Broadway, one of midtown Manhattan's largest office deals this year, according to landlords GFP Real Estate and BDT & MSD Partners.
The Real Deal reported earlier that Comcast is consolidating operations from nearby offices at 55 W. 46th St. and 1407 Broadway. The company occupies a combined 118,000 square feet at those properties, CoStar data shows, including space for its advertising technology unit, FreeWheel.
The lease would make Comcast the building's largest tenant, surpassing drug-discovery software company Schrödinger, which occupies nearly 130,000 square feet, according to CoStar.
Comcast did not respond to a request for comment. A spokesperson for the ownership group declined to comment.
Since unveiling plans in January for a $150 million renovation of the 44-story, 907,000-square-foot tower, ownership has signed more than 226,500 square feet of leases. Recent transactions include an expansion by jewelry brand Pandora, a headquarters lease with Woori Bank New York Agency, a 9,314-square-foot lease with Metalmark Capital and a 3,123-square-foot extension and relocation by Alight.
Signing more than 226,000 square feet of leases “in just a few months is a strong validation of the transformation underway at 1540 Broadway," Brian Steinwurtzel, chief executive of GFP Development, said in a statement. "The decision by Comcast and others to locate their employees here reflects what we're hearing throughout the market — companies continue to prioritize high-quality office environments that help attract talent, foster collaboration and support long-term growth.”
Ownership said the building, between Sixth Avenue and Broadway on West 45th Street, is expected to be nearly fully leased by year-end.
The renovation, designed by architecture and interior design firm Fogarty Finger, includes a 27,000-square-foot amenity hub on the eighth floor featuring a redesigned fitness center, new locker rooms, and social and collaborative spaces. An 18,500-square-foot tenant lounge on the 36th floor will offer skyline views, a bar and a dining area, along with a landscaped terrace spanning about 6,200 square feet.
GFP Real Estate and BDT & MSD Partners own the office portion of the property, while Vornado Realty Trust and its partners own the retail portion.
