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.
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