Monday, July 22, 2019

Fame House Signs 23K Lease at 123 South Broad St. Office Tower

by John Jordan
The ownership of the iconic 123 South Broad St. office building here reports it has closed more than a dozen lease deals totaling 66,371 square feet at the property.

The largest of the 13 lease transactions was with University Music Group’s entertainment e-commerce marketing firm Fame House, which signed a multi-year lease for the entire 26th floor of the property, totaling 22,730 square feet.
The lease was negotiated by Universal Music Group’s Kevin Garabedian, SVP of facilities and administration, and Sheryl Gold, SVP of business & legal affairs.

“We are excited to move our headquarters to this incredible location and building with top-notch management,” says Fame House CEO Mike Fiebach. “We see our new office as a symbol of Fame House’s innovation, creativity, talent, and growth. We love Philadelphia and we are proud to call the iconic Broad Street our new home.”
Other new tenants at the property as of 2019 include Brian Communications, Instructure, PromptWorks , Health Federation of Philadelphia, Armor, DLC Solutions, Wick Capital Partners and others. This year’s leasing activity builds on a strong 2018 when 70,660 square feet of office space was leased.

Brian Communications will move its main headquarters into the north wing of the 27th floor in November, while also maintaining a presence in Conshohocken in the Four Falls building.

“The signing of more than a dozen new long-term leases this year is evidence of the incredible momentum we’ve experienced since we completed lobby and common area renovations to make 123 South Broad the hub for many of the city’s top creative firms. Attracting industry powerhouses like Universal Music Group’s Fame House and Brian Tierney’s communications agency serves to validate 123 South Broad as one of Philadelphia’s most desirable office locations.”

 Young Capital, in partnership with Quilvest Private Equity, recently completed renovations to the lobby and other common areas at 123 South Broad including a large, ground floor bike room providing easy access directly from the street. In addition, the ownership states that new best-in-class tenant amenities will be announced this fall, enhancing the building’s current amenity program, which consists of a fitness center, conference centers, bike room, lobby shop and more.

To propel these renovations, 123 South Broad recently rebranded, introducing a new logo and soon-to-be-unveiled website.

Constructed in 1927, when it was the ninth largest building in the world, the 800,000 square foot building boasts a 405-foot Beaux-Arts style limestone fa├žade, a three-story marble lobby and a unique “H” floor plan that provides up to eight corner offices per floor.

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