By Ryan Mulligan – Reporter, Philadelphia Business Journal
Commonwealth Charter Academy, the largest cyber school in the state, has acquired the building at 4801 S. Broad St. for $6.075 million. Ben Franklin Technology Partners will move in late 2025 or early 2026 to the 1600 Market St. office tower, taking up nearly a full floor with a long-term lease.
The move comes after nearly 20 years in South Philadelphia's Navy Yard for Ben Franklin Technology Partners, a commonwealth-backed economic development initiative that funds and supports startups. The Navy Yard property, also known as Building 100, was put up for sale without a price in September.
Commonwealth Charter Academy will use Building 100 primarily for its staff to virtually educate students as well as provide support for the some 5,000 students the K-12 public charter school has in Greater Philadelphia, according to spokesperson Timothy Eller. Cyber charter schools are tuition-free public schools that educate students virtually.
The building spans 33,000 square feet, of which Ben Franklin Technology Partners took up about 12,000 square feet. The 10-plus-year lease at 1600 Market will also be for approximately 12,000 square feet on the third floor, said Bill Kiesling, the chief operating officer and general counsel for the organization.
Besides part of the building's bi-level fitness center, Ben Franklin Technology Partners will be the only tenant on the floor, with some 30 employees based there, Kiesling said. The organization also plans to have some co-working space that portfolio companies can use on temporary bases to heighten collaboration.
Full story: http://tiny.cc/gcmq001
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