Brandywine bets on improving office dynamics with purchase of high-profile tower

 By Katie Burke CoStar News

In Philadelphia, office tour activity is on the rise as tenants hunt for larger amounts of space. Brandywine Realty Trust is one firm widening its bet on the market's brightening dynamics with a deal to acquire its joint venture partner's stake in a prominent Philadelphia development.

The real estate investment trust dropped $70.5 million to become the sole owner of the mixed-use tower at 3025 John F. Kennedy Blvd., a property split between office and residential that spans about 570,000 square feet. The Philadelphia-based firm, one of the project's original developers, initially had a 66% stake in the project.

The buyout deal is a small slice of the REIT's burgeoning optimism in the national office market's recovery.

"From an overall standpoint, the real estate markets and overall sentiment continue to improve," Brandywine CEO Jerry Sweeney told analysts on the company's recent earnings call. "Our pipeline activity continues to grow, tour volume remains at very healthy levels, rent levels and concession packages remain very much in line with our business plan and in select submarkets and buildings, and we continue to push both nominal and effective rents."

The 200,000-square-foot office portion of the 28-story building at the heart of the REIT's Schuylkill Yards development finished in 2023, and speaks to the demand Brandywine is seeing for "high-quality, highly amenitized buildings."

The offices are more than 90% leased to tenants including law firm Goodwin Procter and financial services provider Future Standard. The 326 multifamily units spread across the upper levels of the project are 99% occupied.

Brandywine declined to disclose the identity of its global institutional investment partner. The buyout deal, which closed earlier this month, also meant the REIT has assumed responsibility for the $178 million construction loan the joint venture took out to finance the roughly $325 million project. That debt is scheduled to mature in July, and CEO Jerry Sweeney said he is weighing whether to refinance the property next year in order to cut down on interest expenses.

“With the debt coming due, we think we have some positive refinancing outcomes at a very straightforward level,” Sweeney said. He added that the construction loan for the building is currently held to an 8% interest rate. If the REIT decided to refinance, Brandywine could net an annual savings of about $4 million.

Brightened outlook

To be clear, Brandywine is still slogging through some residual pandemic-related impacts that have resulted in declining occupancy and a challenged leasing landscape across its office portfolio. The landlord signed about 343,000 square feet of new and renewal deals throughout the quarter ended Sept. 30, boosting its total leased rate to just shy of 90.5% — a slight but steady boost compared to the same period last year.

Yet the ingredients for a widespread recovery, such as larger spatial requirements among tenants and boosted leasing activity, are pushing a number of the nation's largest landlords to widen their bets on the market's continued improvement.

BXP, for example, has kicked off construction for two ground-up developments in New York and Washington, D.C. Tishman Speyer recently closed its first Manhattan office purchase since 2019. And Kilroy Realty is drawing up plans for its long-awaited Flower Mart development in San Francisco.

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Quarry Center in Havertown, PA, co-anchored by Giant and Lowe's, sells for more than $80M

 By Paul Schwedelson – Reporter, Philadelphia Business Journal

A 222,500-square-foot shopping center in Havertown with two national anchor tenants has sold for more than $80 million, according to an industry source.

Developer Eureka Ventures traded Quarry Center to Ohio-based Mid-America Management Corp. roughly four months after putting the Delaware County retail property on the market.

The sale price for Quarry Center comes out to more than $360 per square foot.

Buyer Mid-America Management is an investment firm based outside Cleveland with a $1 billion portfolio that includes more than 50 retail, industrial and residential properties.

Quarry Center is co-anchored by a Giant supermarket and a Lowe’s home improvement store, which together make up about 77% of the property’s income. The shopping center was built in 2013 and remains fully occupied by all of its original tenants, including an Xfinity Store, Panera Bread and Chipotle.

The 31-acre property is located at 116 Township Line Road near the intersection of routes 1 and 3.

Full story:  https://www.bizjournals.com/philadelphia/news/2025/10/23/quarry-center-sold-lowes-giant-retail.html

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Brandywine pays $70.5M for partner’s stake in University City building

 By Paul Schwedelson – Reporter, Philadelphia Business Journal

Brandywine Realty Trust has acquired its joint venture partner's stake in 3025 John F. Kennedy Blvd. for $70.5 million, giving it complete ownership of the 570,000-square-foot property.

Philadelphia-based Brandywine originally had a 66% stake in the recently developed building, while its global institutional investment partner owned the balance. Brandywine (NYSE: BDN) declined to name the former joint venture partner. As part of the deal, Brandywine also assumed its share of the debt on the property.

The 28-story mixed-use University City building, just west of 30th Street Station,is split between 326 apartments on floors 10 through 28 and 200,000 square feet of office space on floors two through eight. Shared amenity space is on the ninth floor.

The project's total cost was $325 million, Brandywine reported.

Construction was completed in the fourth quarter of 2023, and Brandywine reported this week the residential portion of the building is 99% leased. The office portion will be 92% leased when anchor tenant Future Standard takes occupancy in the first quarter of 2026. Law firm Goodwin Procter occupies 31,000 square feet in the building.

Brandywine and its global institutional investor partner exercised a one-year loan extension for the property in the second quarter. Following the acquisition of the partner’s equity stake, Brandywine CEO Jerry Sweeney said Thursday on the company’s quarterly earnings call with investors that the firm is considering refinancing in 2026.

“With the debt coming due, we think we have some positive refinancing outcomes at a very straightforward level,” Sweeney said.

Full story: https://www.bizjournals.com/philadelphia/news/2025/10/23/brandywine-3025-jfk-equity-stake-acquired.html

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Rising US office leasing still remains below pre-pandemic pace

 By Phil Mobley CoStar Analytics

Leasing volume in the U.S. office market ticked up in the third quarter, according to preliminary estimates, but remains just shy of its pre-2020 norm.

The total square footage leased on new agreements — excluding renewals — is estimated to have reached between 100 million and 110 million square feet, or about 1.2% of inventory. While this marks a modest increase over recent quarters, it still trails the quarterly average of 115 million square feet recorded between 2015 and 2019.

A closer look at the data reveals that small lease sizes continue to weigh on overall volume. For more than two years, the average lease size has been 15% to 20% below its pre-pandemic level. At the same time, the number of transactions has been edging upward and is now nearly 10% higher than before 2020.

One possible explanation for this shift is the limited availability of large blocks of premium new space typically sought by major occupiers. With hiring generally slow, many large tenants appear to be renewing existing leases rather than expanding or relocating into new space.

The recovery in leasing is not evenly distributed across the country. A handful of major cities are seeing activity well above pre-2020 levels. New York leads the nation, buoyed by a strong rebound in office attendance and robust hiring by big banks. Charlotte, North Carolina, as well as Miami, Houston and Dallas-Fort Worth, also posted strong and accelerating leasing, driven by comparatively solid population and economic growth. San Francisco, meanwhile, has nearly returned to its pre-pandemic leasing pace, as artificial intelligence companies and other tech firms have begun to backfill a glut of sublet space.

In contrast, leasing in several other markets remains well below pre-pandemic norms. Cities such as Boston, Chicago, Los Angeles, San Diego and Washington, D.C., continue to lag, probably reflecting ongoing adjustments to per-worker space needs and local economic factors.

Despite generally slow hiring and an uncertain economic outlook, the upward trend in leasing volume signals that tenants still have an appetite for office space. However, with the supply pipeline contracting and prime availabilities becoming scarce, sustaining high levels of leasing may prove challenging. Some tenants may find themselves reconsidering space they previously passed over if their needs become acute.

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1650 Arch St., Center City office tower with $43M debt heads to auction

Paul Schwedelson / Philadelphia Business Journal

The foreclosure case for 1650 Arch St. could be nearing an end.

1650 Arch Investor LP, the affiliate of ASI Management that owns the 553,000-square-foot office building, is scheduled to be sold at a public auction on Nov. 5. Bidding will be conducted online, as well as in person in front of the New York Supreme Court building in Manhattan, according to a published auction notice.

The half-vacant Center City property was hit with a foreclosure complaint in the Philadelphia Court of Common Pleas in June and has been in receivership since July.

An affiliate of Wilmington-based Delphi Financial Group originated a $75.8 million loan on 1650 Arch St. to Philadelphia-based ASI Management in 2018, according to the foreclosure complaint. The loan’s maturity date was later extended two years to July 2024, but the complaint shows ASI Management did not pay off the debt.

The auction notice states the loan has an outstanding balance of $43 million.

ACORE Capital Mortgage is the administrative agent for the loan and is offering 1650 Arch Investor LP for sale on behalf of the lender. OPEX CRE Management is the property’s receiver. Colliers’ Carl Neilson is leading the auction process.

As the debtholder, Delphi Financial Group has the option to join the bidding and use the full amount it is owed as a credit toward the purchase price. The scenario is similar to the process that played out with the Wanamaker building earlier this year, when New York real estate firm TF Cornerstone leveraged the $120 million in debt it held on that distressed office property to acquire it at auction and complete a foreclosure process.

Full story:  https://www.bizjournals.com/philadelphia/news/2025/10/20/center-city-office-tower-auction-date-set-loan.html

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Recent big-box departures mask Lehigh Valley’s underlying stability

By Brenda Nguyen CoStar Analytics

While the region's market-level indicators suggest widespread weakness, a closer look reveals that massive warehouses skew the data. Mega-distribution centers’ outsized influence has lately largely driven the Lehigh Valley’s underperforming headline figures.

Over the past year, occupiers returned or listed 3 million square feet within buildings larger than 500,000 square feet, while properties smaller than this threshold experienced negative absorption of 194,000 square feet.

Two prominent closures contributed to recent underperformance. Earlier this year, Shopify vacated and listed its 1.25 million-square-foot facility at Bridge Point 78, with eight years remaining on its lease. Last month, United Natural Foods also listed its two-building distribution campus, totaling 1.33 million square feet, for sublease after shuttering its operations over the summer.

These two exits alone stripped nearly 2.6 million square feet from occupied inventory, pushing the sublet share of available space above 45%. Meanwhile, the sublet share of availability is only 8.4% for facilities smaller than 500,000 square feet.

Facilities larger than 500,000 square feet now account for 10.1 million square feet of available space compared to 12.4 million square feet across all smaller buildings combined. Subsequently, only a handful of big-box properties represent 45% of the Valley's total industrial availability — an outsized concentration that masks underlying stability in the conventional warehouse market.

While smaller properties maintain steady occupancy, the region's excess supply of large-format buildings amid slowing economic growth will create absorption challenges for the big-box segment in the coming quarters.

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Institutional buyers drive Lancaster industrial investment to a historic high

 

By Brenda Nguyen CoStar Analytics

Lancaster, Pennsylvania's industrial market has hit a historic milestone. Investment reached $418.9 million in the trailing 12 months through the third quarter of 2025 — a record that signals the market has entered a new era of institutional interest.

Institutional investors dominated the action, accounting for more than half of all transaction volume by dollar value over the past year. Private buyers captured 20% of the market, while private equity firms claimed 25%.

In February, institutional investment manager Machine Investment Group acquired two former printing press facilities for $130 million with plans to redevelop them into data centers. This marked the highest valued industrial trade in Lancaster’s history.

Dalfen Industrial, Spectre Equities and Upward Investments are among other institutional players that have acquired local industrial facilities in the past year.

Lancaster’s recent performance surpassed its previous record of $402 million in trailing 12-month sales, set during the third quarter of 2021. That earlier peak came during the pandemic boom, when surging demand for logistics and distribution space drove industrial development across the Mid-Atlantic to new heights. Lancaster's ability to exceed that mark demonstrates a fundamental shift in the county's industrial real estate landscape.

The surge reflects the growing strength of Pennsylvania's industrial corridor. Lancaster offers proximity to major metropolitan markets, robust logistics infrastructure and competitive operating costs — a combination that continues to draw warehouse, distribution and manufacturing operations. Amid limited new development, Lancaster punches above its weight as a small industrial market delivering outsized results.

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Recent big-box departures mask Lehigh Valley’s underlying stability

 By Brenda Nguyen CoStar Analytics

While the region's market-level indicators suggest widespread weakness, a closer look reveals that massive warehouses skew the data. Mega-distribution centers’ outsized influence has lately largely driven the Lehigh Valley’s underperforming headline figures.

Over the past year, occupiers returned or listed 3 million square feet within buildings larger than 500,000 square feet, while properties smaller than this threshold experienced negative absorption of 194,000 square feet.

Two prominent closures contributed to recent underperformance. Earlier this year, Shopify vacated and listed its 1.25 million-square-foot facility at Bridge Point 78, with eight years remaining on its lease. Last month, United Natural Foods also listed its two-building distribution campus, totaling 1.33 million square feet, for sublease after shuttering its operations over the summer.

These two exits alone stripped nearly 2.6 million square feet from occupied inventory, pushing the sublet share of available space above 45%. Meanwhile, the sublet share of availability is only 8.4% for facilities smaller than 500,000 square feet.

Facilities larger than 500,000 square feet now account for 10.1 million square feet of available space compared to 12.4 million square feet across all smaller buildings combined. Subsequently, only a handful of big-box properties represent 45% of the Valley's total industrial availability — an outsized concentration that masks underlying stability in the conventional warehouse market.

While smaller properties maintain steady occupancy, the region's excess supply of large-format buildings amid slowing economic growth will create absorption challenges for the big-box segment in the coming quarters.

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Pennsylvania Biotech Center eyes campus expansion with Fred Beans Automotive

 By John George – Senior Reporter, Philadelphia Business Journal

The Pennsylvania Biotechnology Center of Bucks County is exploring further expansion.

The center is looking at developing a new laboratory and office building on a 2.85-acre lot directly across the street from its campus at 3805 Old Easton Road in Buckingham Township, near its Doylestown border.

The vacant property, owned by the Fred Beans Automotive Group, was previously home to a swimming pool construction company.

The Bucks County Industrial Development Authority recently received a $150,000 state grant from the PA SITES (Strategic Investments to Enhance Sites) program to fund engineering costs for a feasibility study on the potential expansion.

While specific plans are still in development, the proposed structure would likely span 30,000 to 35,000 square feet and could support a range of life sciences uses.

"We’re a big believer in the Doylestown biotech corridor," said Lou Kassa, CEO of the Pennsylvania Biotech Center. "While the industry currently is in a slowdown, we still see great possibilities ahead."

The Pennsylvania Biotech Center operates B+labs at the Cira Centre in University City. B+labs, which last year doubled in size to four floors comprising 100,000 square feet at Cira Centre, is home to 19 resident companies.

Its Bucks County campus, which has about 100 members, including 58 companies and four nonprofits, consists of four buildings totaling 150,000 square feet. Its most recent building addition occurred in 2022, when its opened a $13 million, 37,000-square-foot building that housed an auditorium, a cafeteria, and expanded lab, freezer and office space.

Kassa said the organization recently had to turn down a request for space at the Bucks County center because the company needed more space than what is available.

Along with the potential for further growth in biotech, the Pennsylvania Biotech Center sees opportunities in other areas such as radiopharmaceuticals, animal health and agricultural sciences, Kassa said.

"We also anticipate working with AI innovators in various aspects of biotech and the life sciences," he said.

If the center moves forward with the project, it is not planning to purchase the property but would instead be the operator of the new building in a partnership with the Fred Beans Automotive Group.

Full story: https://www.bizjournals.com/philadelphia/news/2025/10/14/pennsylvania-biotechnology-center-bucks-county.html

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Philadelphia's retail slowdown hits city rents harder than the suburbs

 By Brenda Nguyen CoStar Analytics

Philadelphia's retail rent growth has slowed in recent quarters, matching a nationwide pattern. A wave of store closures has swept through the metropolitan area, with Rite Aid, Party City, Walgreens and Big Lots shuttering multiple locations. The slowdown has hit the city and suburbs differently, driven by changing shopping habits and contrasting population trends.

The city's retail rents have fallen more steeply than in suburban areas. By October, asking rents declined 1.7%, weighed down by sluggish population growth that has depended heavily on international immigration.

While pedestrian foot traffic has improved downtown, recovery is still hovering between 80% and 85% of 2019 levels, according to the Center City District's analysis of Placer.ai data. As a result, more area residents are redirecting their spending to the suburbs, a shift that has propped up suburban retail rents in recent years.

Suburban asking rents also dipped, falling 0.5%. However, steady population growth has kept suburban rent performance ahead of the city's decline.

Grocery chains have claimed the largest suburban retail leases. Giant, Whole Foods Markets, Sprouts Farmers Market, Grocery Outlet and others lead the list. Fitness operators have also expanded, with Club Studio Fitness, The Picklr and Planet Fitness committing to spaces exceeding 10,000 square feet over the past year. In the city, experiential venues, healthcare providers and discount retailers have signed the largest leases.

Looking ahead, forecasts indicate that regional rent growth is unlikely to improve until mid-2026, when uncertainty surrounding tariff policies, labor market conditions and broader economic factors dissipates.

Site Centers strikes deals to sell four retail properties, including two in New Jersey

 By Linda Moss CoStar News

Site Centers has taken another step in offloading its retail properties, with deals in place to sell four shopping centers for $263.6 million, including two in New Jersey.

Beachwood, Ohio-based Site, a real estate investment trust, said it was under contract to sell Nassau Park Pavilion in Princeton, New Jersey, for an aggregate price of roughly $137.6 million in cash to B33 Nassau Park Pavilion.

And in a separate deal, Site has an agreement to sell three shopping centers for $126 million in cash to Haverford Retail Partners, based in Bryn Mawr, Pennsylvania, according to a regulatory filing. The deal covers East Hanover Plaza in East Hanover, New Jersey; Southmont Plaza in Easton, Pennsylvania, and Stow Community Center in Stow, Ohio.

All the sales are expected to close in the fourth quarter, Site said.

Site has been divesting a long list of shopping centers. The REIT has sold many of its retail centers in addition to spinning off Curbline Properties, a collection of its strip malls, a year ago as a standalone public company.

Nassau Park Pavilion is a 1.1 million-square-foot multibuilding property in the heart of the busy U.S. Route 1 retail corridor. Its major tenants include Home Depot, Dick’s Sporting Goods, Target, Walmart, Wegmans, Dollar Tree and Five Below.

The shopping center is encumbered by a mortgage loan with an outstanding principal balance of about $98.5 million, according to Site. Based on current interest rates, when the sale closes, Site expects to pay a make-whole premium of roughly $7.6 million in connection with its repayment of the loan.

East Hanover Plaza on Route 10 is roughly 360,000 square feet, with a tenant roster that includes Costco, HomeGoods, HomeSense and Sierra Trading.

Southmont Plaza is about 386,000 square feet, with tenants including Barnes & Noble, Dick’s Sporting Goods, Lowe’s, Best Buy, Dollar Tree and Ross Dress for Less.

East Hanover Plaza and Southmont Plaza currently serve as collateral for part of Site’s mortgage indebtedness, according to the REIT, and the release price applicable is expected to be about $39.1 million in aggregate.

Stow Community Center is around 508,000 square feet, with major tenants such as Kohl’s, Old Navy, Hobby Lobby, Target and Ulta Beauty.

In another New Jersey deal, Site recently sold Edgewater Towne Center, a mixed-use property in Edgewater, New Jersey, for $53.2 million. The buyer was Daibes Enterprises of Edgewater, according to CoStar data.

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Ecopax expanding Lehigh Valley headquarters

 By Holly Polivka CoStar Research

Ecopax is expanding its Bethlehem headquarters by 104,238 square feet.

The manufacturing facility at 1355 Easton Road will gain six more loading docks, 12 additional parking spaces for trucks and upgraded fire protection infrastructure.

The family-owned company produces takeout containers, food trays, cups, bags and other products in a variety of materials and finishes that are said to be eco-friendly. 

The building was constructed in 2017, and was originally around 145,500 square feet. The facility was then expanded in 2021 to the current square footage of 315,643 square feet.

J.G. Petrucci Company, a development and design/build company, has partnered with Ecopax in the latest expansion.

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Stateside Vodka moving headquarters to Philadelphia

By Samuel Murch CoStar Research

Stateside Vodka has signed a 34,200-square-foot sublease at 1100 Ludlow St. in Philadelphia, marking a major move for the beverage company as it relocates its corporate headquarters to Center City.

Known for its vodka and Surfside canned cocktails, Stateside Vodka currently operates out of a smaller facility in Feasterville-Trevose, Pennsylvania. The new headquarters will span the fifth and sixth floors of 1100 Ludlow St., where the company plans to renovate the space to suit its operational needs.

The move-in is targeted for May 2026.

The company has committed to an 11-year lease, which will begin as a sublease and transition into a direct lease toward the end of the term.

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Celebrations Wedding Venue and shopping center in Bensalem sell for $6.9M

 By Paul Schwedelson – Reporter, Philadelphia Business Journal

Celebrations Wedding Venue and the adjacent shopping center in Bensalem have been sold for $6.85 million.

Bensalem Landmark Plaza GP and Celebrations owner Francesco Dicianni sold the 7.8-acre commercial strip at 2201 Galloway Road to an entity called Bensalem Landmark Shopping Center LP, according to Bucks County property records.

The liquor license for Celebrations was also recently transferred to the new owner, according to the Pennsylvania Liquor Control Board. Dicianni is listed as manager of the reissued liquor license, and employees who answered the phone at Celebrations said the venue will continue to operate as normal.

An individual identifying themselves as the general manager of Celebrations declined to provide additional information on the sale.

The retail center included in the deal has a Fine Wine & Good Spirits store, Fabricare Laundromat, H.F. Hornberger’s Bakery and Nate Gordon’s Black Belt Academy among its tenants.

Full story: https://www.bizjournals.com/philadelphia/news/2025/10/08/celebrations-wedding-venue-sold-bensalem.html

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Starr Insurance expanding Center City footprint by 66% with office move

 Paul Schwedelson / Philadelphia Business Journal

Starr Insurance is expanding its Philadelphia office footprint by 66% as Center City leasing activity has shown signs of picking up.

The New York-based insurance and investment firm will take the entire 31,600-square-foot top floor of 30 S. 17th St., also known as the Duane Morris Plaza, according to industry sources and brokerage firm Savills’ quarterly market report.

Starr will make the move from about 19,000 square feet at 1601 Market St., according to real estate data firm CoStar, which is less than a block away from the firm’s future office. Starr Insurance lists the location as its Mid-Atlantic regional office.

Starr reported $11.9 billion in gross written premiums and $41.1 billion in total assets as of Dec. 31.

The deal is the first major lease signed at the 20-story Duane Morris Plaza since owner Los Angeles-based Oaktree Capital Management announced plans to refurbish the lobby and implement system upgrades.

The renovations were planned in connection with law firm Duane Morris agreeing to a long-term lease renewal that included a 45,000-square-foot downsize. Duane Morris agreed to take retain 195,000 square feet, remaining the building’s anchor tenant and holding onto naming rights. The building fronts both 17th and 18th streets between Ludlow and Ranstead streets, just south of Market Street.

Full story: https://www.bizjournals.com/philadelphia/news/2025/10/08/starr-insurance-office-lease-center-city-expansion.html

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Day & Zimmermann to slash office space by half in Center City HQ move

 By Paul Schwedelson – Reporter, Philadelphia Business Journal

Construction and engineering firm Day & Zimmermann will slash its office space by half when it moves to 1835 Market St. next year.

The firm signed a long-term, 48,074-square-foot lease and will relocate from more than 100,000 square feet at 1500 Spring Garden St., where it’s been headquartered for nearly two decades, according to brokerage firm Savills’ quarterly market report and industry sources.

Day & Zimmermann generated $3 billion in revenue in 2024, up from $2.3 billion the year earlier, to rank sixth in the Business Journal’s List of the largest private companies in the Philadelphia area. The firm had more than 1,600 employees in the region and 37,000 employees total, according to Business Journal data.

Day & Zimmerman didn’t respond to requests for comment. The third-generation family owned company was founded in 1901 and specializes in construction, engineering, staffing and defense for global corporations and governments.

Despite the significant downsize, the lease is one of the larger Center City office leases this year.

Both 1500 Spring Garden St. and 1835 Market St. are owned by entities that were partnerships of New York firms InterVest Capital Partners and Nightingale Properties. Nightingale Properties has recently dealt with financial troubles and earlier this year CEO Elie Schwartz was sentenced to seven years in prison for an investment fraud scheme.

The 2024 assessed value of the 13-story, 1.2 million-square-foot 1500 Spring Garden St. building was reduced to $87 million from $192.6 million last year. For tax year 2025, it was reduced to $76 million from $159.2 million.

At 1835 Market, Klehr Harrison Harvey Branzburg signed a short-term extension to retain its 67,000 square feet this past spring. Other tenants in the building include the U.S. Department of Labor, which takes 80,000 square feet, and law firms Burns White and the Gold Law Firm. 1835 Market is also known as Eleven Penn Center.

Full story: https://www.bizjournals.com/philadelphia/news/2025/10/05/day-zimmermann-relocation-philadelphia.html

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