Tuesday, October 6, 2026
Monday, October 5, 2026
Philadelphia’s bulk distribution market is working its way through supply overhang
By Brenda Nguyen CoStar Analytics
Wednesday, September 30, 2026
Owner-occupants fill sales void in Philadelphia’s office sector
Tuesday, September 29, 2026
Monday, September 28, 2026
Wednesday, September 23, 2026
Tuesday, September 22, 2026
Pair of Pennsylvania shopping centers sell in separate deals
Short supply of modern medical office space pushes Philadelphia rents higher
By Brenda Nguyen CoStar Analytics
Philadelphia's medical office market posted stronger rent increases in mid-2026, even as leasing activity remained below long-term averages.
Asking rents for medical office space increased 2.5% year over year to an average of $27.72 per square foot, outperforming the traditional office market and reversing six consecutive quarters of decelerating rent growth.
The increase in asking rents reflects supply constraints more than accelerating demand. Healthcare providers continue to lease space for outpatient facilities, specialty practices, and ambulatory care centers, but the availability of that specialized space remains relatively limited at 10.1%.
More notably, the supply of newer medical office space is exceptionally tight. Of Philadelphia’s 4.3 million square feet of available medical office space, less than 350,000 square feet is available in buildings constructed since 2015.
When in-demand medical buildings are scarce, landlords can maintain pricing power on rent even during periods of moderate leasing activity. Providers seeking space that supports modern outpatient care and specialized medical services often have few options, allowing these in-demand properties to command above-average rents. A relatively small number of higher-priced leases can lift the headline asking rents.
Additionally, the prominence of smaller office deals, which also command higher rents, also influences market rates. For instance, in June 2026, Salterra Wellness signed a five-year lease for a 2,084-square-foot space in Newtown at a starting rate of $29.94 per square foot.
Limited development has reinforced these pricing dynamics. Only 295,000 square feet of medical office space was under construction in mid-2026, and nearly all that space was already pre-leased or intended for owner-occupants. With little new modern space expected to reach the market, existing landlords face little competitive pressure.
As a result, rent growth is being driven less by a broad expansion in demand and more by a shortage of newer, in-demand medical office buildings. Until there is a meaningful acceleration of construction activity, supply constraints are likely to remain a primary driver of rent growth across Philadelphia's medical office market.
Tuesday, September 15, 2026
KenCrest leases floor in Brandywine-owned suburban office tower Plymouth Meeting
By Holly Polivka CoStar Research
KenCrest, a human services provider supporting individuals with intellectual and developmental disabilities, leased 26,058 square feet of office space at 401 Plymouth Road and plans to relocate to the suburban office building owned by Brandywine Realty Trust in December.
The firm, which is currently located nearby at 960 Harvest Drive in Blue Bell, will occupy the entire fifth floor in the six-story building located at the crossroads of Interstates 476 and 276. Other tenants include Liberty Mutual, KeyBank, and McNees Wallace & Nurick.
ID Logistics subleases large industrial facility to expand into central Pennsylvania
By Noah Lacy CoStar Research
ID Logistics, an international contract logistics provider based in Tampa, Florida, subleased the entire 1,085,280-square-foot Building A in the First Logistics Center @ 283, located at 2771 N. Market St. in Elizabethtown, Pennsylvania, from online fashion retailer Boohoo Group, which closed its U.S. distribution center as part of a strategy to reduce costs and reposition its business for sustainable, profitable growth.
The deal single-handedly filled one of the largest blocks of industrial sublease space in eastern Pennsylvania.
France-based ID Logistics operates more than 360 sites across 17 countries and manages approximately 8 million square meters of warehousing space globally. The firm has been on an aggressive expansion in North America in 2026, recently expanding operations into South Carolina, North Carolina, Virginia and Kentucky and investing $83 million to acquire a 582,000-square-foot distribution facility in eastern Henrico County, Virginia.
ID Logistics entered the U.S. market through the 2019 acquisition of Tampa-based Jagged Peak, and has since made other major acquisitions, including Kane Logistics in 2022.
Boohoo Group, a U.K.-based online retailer that sells clothing, shoes, accessories and beauty products through its numerous brands that now operates as Debenhams Group, signed a long-term lease with First Industrial Realty Trust for the first building completed at First Logistics Center @ 283 with much fanfare in 2022. Completed that year, the distribution facility is located along Route 230 in Dauphin County, approximately eight miles southeast of Harrisburg International Airport and near FedEx and UPS parcel facilities.
Based on the successful development and lease-up of its first building, First Industrial commenced construction on an adjacent industrial facility measuring just under 700,000 square feet that was completed in the second quarter of 2023 at 2701 N Market St. and is leased to Kyocera and JAS Worldwide
Boohoo Group's U.S. facility was operational for approximately 15 months before it ceased operations in November 2024, switching fulfillment of its U.S. orders to its automated fulfillment center in the U.K. Debenhams Group reported the sublease will mitigate approximately $100 million in future lease and holding costs. The company incurred $124 million in costs at the site's operational requirements before closing.
EPR Properties acquires Netflix House real estate in Pennsylvania
By Linda Moss CoStar News
A landlord focused on experiential real estate has added the building that's home to a Netflix House, the digital streamer's entertainment-and-shopping venue outside Philadelphia, to its portfolio for $60 million.
EPR Properties, a real estate investment trust based in Kansas City, Missouri, has acquired the 120,000-square-foot building at 180 N. Gulph Road at the King of Prussia Mall, according to public documents. The sale closed in June. Canadian retail holding company Hudson's Bay Co. was the seller, according to CoStar data.
HBC, onetime owner of Saks Fifth Avenue, acquired Neiman Marcus Group in December 2024 for $2.7 billion. Subsequent to that purchase, HBC liquidated its Canadian operations and closed its stores in that nation. The merged Saks-Neiman Marcus company was first renamed Saks Global and is now called Exemplar Luxury Group.
Los Gatos, California-based Netflix leased and opened its first permanent entertainment location, Netflix House, at a former Lord & Taylor store in November last year. The site offers immersive attractions such as games and virtual-reality experiences, a store selling merchandise tied to Netflix shows and a large restaurant. A second location is open in Dallas, while a third is planned for Las Vegas.
Brick-and-mortar retailers have increasingly turned to in-person experiences that cannot be replicated online. EPR describes itself as a diverse REIT that specializes "in select enduring experiential properties in the real estate industry." That includes theaters, fitness, gaming, skiing, and "eat-and-play" locations.
In an investor presentation in July, EPR said it had "added Netflix as new partner through our acquisition of Netflix House Philadelphia; transforming popular digital intellectual property into physical, immersive experiences."
Ben Fox, EPR executive vice president, talked about the acquisition on that second-quarter earnings call.
"On the Netflix House investment, not only is Netflix an A-rated corporate credit, but as one of the leading streaming platforms, our partnership with them further validates the powerful role that physical experiences play in an increasingly digital world," he told Wall Street analysts.
The deal was earlier reported by the Philadelphia Business Journal. The large mall where Netflix House is located is owned by Simon Property Group.
The former Lord & Taylor building was on the block — for a second time — for roughly seven months, put up for sale a few months after Netflix House opened.
"This first-of-its-kind concept is an experiential entertainment venue offering retail, dining and immersive experiences centered around Netflix’s [intellectual property] content," CBRE said in a marketing brochure. "Netflix House’s net lease has nine years of term remaining with 2.5% annual rent escalations and features a corporate guaranty from Netflix."
Thursday, September 10, 2026
Conshohocken office building has new owner
Conshohocken | Business News , Local News| By Kevin Tierney
The 40,373-square-foot office building at 125 East Elm Street in Conshohocken has been sold for $11,100,000, according to Montgomery County property records. The office building, which was branded SORA East, was owned by an entity associated with Keystone Development + Investment. It was sold to an entity associated with Patriot Financial Partners, a private equity firm focused on investing in community banks, thrifts, and financial services-related companies in the United States, which is currently based in Radnor.
According to sources, Patriot plans to utilize the building as its headquarters and will lease a limited amount of space. Patriot did not respond to an email seeking more details on their move to Conshohocken.
The building is located at the corner of East Elm and Harry streets, and is adjacent to the not-yet-opened The Garden by Pieri Winery.
Wednesday, September 9, 2026
Renderings offer first look at proposed Philadelphia sports arena
By Jonathan Lehrfeld CoStar News
The first exterior renderings of a sports arena planned for Philadelphia reveal what the proposed landmark venue may look like.
The city's NBA team, the Philadelphia 76ers, and the NHL's Philadelphia Flyers unveiled images this week of their proposed future home that's expected to also host the city's upcoming yet-to-be-named WNBA team. The teams' owners plan to pay for the development with their own money.
Scheduled to break ground in early 2027 and open in 2030 — pending necessary approvals — the planned arena marks the largest entirely privately funded project in the city’s history. An estimated cost was not revealed, but it is anticipated to create nearly 15,000 jobs and generate nearly $6 billion in economic activity over the next 10 years, plus hundreds of millions in new tax revenue.
Sports and entertainment remain key drivers of Philly's economy. This past summer, the city hosted the MLB All-Star Game and several soccer matches as part of the 2026 FIFA World Cup. Other cities around the country, such as Washington, D.C., are doubling down on making professional athletics a centerpiece of their economic mission.
The 76ers, who recently snagged expected Hall-of-Famer LeBron James, scrapped plans last year to put a proposed stadium in Philly's Chinatown neighborhood. By staying in South Philadelphia, it will remain in an area that also hosts the city's separate baseball stadium and football stadium. The state of New Jersey attempted to woo the teams from across the Delaware River and build a stadium in Camden, but that effort fizzled.
"This privately funded arena will be the home to moments and memories that define this city for generations,” said Josh Harris, co-founder of Harris Blitzer Sports & Entertainment and managing partner of the Philadelphia 76ers, in a statement.
Comcast owns the naming rights to the new arena that is set to be formally named at a later date. Global design firm Populous and architecture firm Moody Nolan were selected to bring the arena to life at the site of the former Spectrum stadium. That arena was razed starting in 2010 and became a parking lot, according to local media.
The upcoming arena’s architecture draws inspiration from the shape of that Spectrum venue that hosted the 76ers and the Flyers for nearly three decades. Both teams currently play at Xfinity Mobile Arena, the nearby facility that previously was named as the Wachovia Center and Wells Fargo Center. That venue recently completed a $400 million renovation.
At the proposed stadium, a half-acre of outdoor space and food-and-beverage pavilions are expected to add options for visitors that complement the adjacent dining and entertainment complex Stateside Live! that was previously known as Xfinity Live!. That hospitality venue received a $20 million renovation earlier this year.
Tuesday, September 8, 2026
Philadelphia office building lands loan to upgrade to attract tenants
By Jonathan Lehrfeld CoStar News
One of the Philadelphia region's largest credit unions closed the biggest loan in its history, marking an expansion of its commercial lending abilities and helping an office tower owner upgrade the building as occupiers seek higher-quality workspaces.
Citadel Credit Union closed a $50 million commercial real estate loan for the 29-story building at 2000 Market St. in Philadelphia, the company said Wednesday.
The record-setting transaction for the not-for-profit institution demonstrates its ability to go beyond traditional consumer banking and community partnerships to source, originate and lead larger, more complex commercial real estate deals, it said. Closing the deal "demonstrated that we can close complex opportunities at greater scale," Michael Desimone, chief lending officer at Citadel Credit Union, said in a statement.
The funding will enable the building's new ownership group to continue tenant improvements to increase the property's occupancy rate. The 2000 Market St. tower is about 70% leased, CoStar data shows.
A joint venture between New York-based CSB Holdings and Baltimore-based Tide Realty Capital purchased the roughly 665,000-square-foot Center Center tower about a year ago for $45.5 million. Law firm Marshall Dennehey anchors the building, with other tenants including the Board of Pensions of the Presbyterian Church and CMI Media Group, according to CoStar data.
"Since acquiring 2000 Market Street, the ownership group has upgraded the building’s gym, added a pickleball court, and created modern shared and hoteling spaces throughout the property," a Citadel spokesperson told CoStar News via email.
Office tenants nationwide have sought higher-quality space. Some law firms in Washington, D.C., are willing to wait years to move into big-box trophy office space in the city.
The credit union's financing includes a future-funding component that enables the 2000 Market ownership group to build customized spaces for long-term anchor tenants, the spokesperson said. The scope of those improvements is set to be tailored to each tenant’s specifications.
In addition to its work on the Market Street office building, Citadel Credit Union is expanding its physical presence in Philadelphia proper. Last month, it signed a lease for its third city branch. That location, at 133 W. Hunting Park Ave., is slated to open next year.
Its first branch in Philadelphia opened in the Overbrook Park neighborhood earlier this year, and a second location is slated to open in the Cedar Park neighborhood in the coming months.
For the record
Chris Hansen led the transaction for Citadel, working with the ownership group and the lender’s agent, Rhyze Solutions. Two50 Capital Group, led by Adrian Edery and Sara Frankel, served as the commercial financing broker.
Friday, September 4, 2026
Discount clothing retailer Burlington to move headquarters to Philadelphia
By Jonathan Lehrfeld CoStar News
Burlington Stores plans to relocate its headquarters from its namesake city in New Jersey to a building it acquired in Philadelphia in one of the market's biggest recent economic development wins.
The national off-price retailer agreed to purchase 3151 Market St. in West Philadelphia's Schuylkill Yards development, a few minutes' walk from the city's main train station, to serve as its new corporate office.
Burlington will pay Philly-based real estate investment trust Brandywine Realty Trust $240 million for the new 13-story, 441,000-square-foot building, according to a Securities and Exchange Commission filing Thursday. The deal, subject to customary adjustments, is expected to close at the end of this month.
"Burlington will take a phased approach to moving teams to the new space beginning no earlier than the end of 2028 or early 2029," a Burlington spokesperson said in a statement to CoStar News.
Burlington operates 1,300 stores in 47 states as of last month, including 43 shops around Philadelphia.
Overall, Burlington is set to invest $370 million into its relocation. The move is expected to create at least 2,000 new jobs over the next five years, according to Pennsylvania economic development officials.
The deal signifies "the largest headquarters relocation to the city in years," Gov. Josh Shapiro said in a statement.
One New Jersey business group said Burlington's planned move is a blow to the Garden State.
"While corporations make these decisions for a myriad of reasons, we cannot and should not ignore the impact our state’s tax policies and anti-business policies have on our overall competitiveness," said Michele Siekerka, president and CEO of the New Jersey Business & Industry Association, in a statement. "Nor should we diminish the loss of executive presence in our state, the number of new jobs that New Jersey will not have, and the amount of property tax lost."
Burlington to convert Jersey offices to industrial
The retail chain has called Burlington, New Jersey, home since 1972. But it said it's outgrown its headquarters there.
"Burlington is rezoning its current HQ buildings in New Jersey to warehouse space and plans to dedicate some of the space to farmland," the Burlington spokesperson said. "In addition, the company will continue to operate warehouse and distribution centers in the towns of Burlington, Florence, Edgewater Park and Logan Township in New Jersey."
Once known as Burlington Coat Factory, the company rebranded about a decade ago. It expects to open nearly 150 net new stores in fiscal year 2026, a spokesperson said.
“We are one of the fastest growing retailers in America, and as we evaluated different options for our new corporate home, we were strongly attracted to the energy, talent, and infrastructure that Philadelphia has to offer," Burlington Stores CEO Michael O’Sullivan said in a statement.
The Market Street building was completed in the fourth quarter of 2024. Brandywine closed on $87.3 million in clean energy financing for the project earlier this year, marking the largest transaction of its kind in Pennsylvania.
The 3151 Market St. building is currently 4% leased and is subject to a $57.3 million mortgage that will be repaid at closing, according to the SEC filing. It's home to a Fine Wine & Good Spirits on the ground floor.
Brandywine anticipates net proceeds totaling about $168 million from the sale of the building, it said.
The state of Pennsylvania plans to invest $30 million in the project. The city of Philadelphia is supporting this investment with incentives, including a $7 million forgivable loan and a job creation tax credit award.
Tuesday, September 1, 2026
Chobani plans record investment in Allentown, PA
By Jonathan Lehrfeld CoStar News
Yogurt maker Chobani is launching its next growth chapter via a pair of transactions with food and beverage giant Keurig Dr Pepper that could set up a record investment in Pennsylvania.
Chobani will pay $800 million to buy back an equity stake in its own company and another $125 million to take over the lease, equipment and operations of a manufacturing and warehouse campus in Allentown, it said Tuesday.
Chobani, a company that has seen revenue growth of 20% annually over the past three years, said it plans to invest about $1.2 billion over the next five years in the 1.5 million-square-foot property, creating more than 900 jobs.
"This $1.2 billion investment from Chobani is the largest private sector investment in the history of Pennsylvania's agriculture industry and will strengthen our dairy industry, support our farmers, and reinforce our position as a national leader in agriculture and food manufacturing," Gov. Josh Shapiro said in a statement.
That facility, about 60 miles northwest of Philadelphia, first opened for production in 2021. It's owned by global investment group Kohlberg Kravis Roberts & Co., CoStar data shows. KKR declined CoStar News' request for comment.
Chobani plans for it to have up to 10 production lines to scale new products. At full capacity, the Allentown facility is expected to source more than 3 billion pounds of Pennsylvania milk annually.
The deals are expected to close in the third quarter of this year, subject to customary closing conditions. Production under Chobani — known for its Greek yogurt — is expected to begin at the facility next year.
Keurig Dr Pepper, or KDP, and Chobani still intend to work with one another in a partnership that originated via a 2023 deal over coffee company La Colombe. KDP said it intends to use the net proceeds from the transactions to reduce debt as it positions its two future businesses, Beverage Co. and Global Coffee Co., for long-term success.
Meanwhile, Chobani said it is investing separately in a new dairy processing facility in Rome, New York; expanding its manufacturing operation in Twin Falls, Idaho; improving its original site in New Berlin, New York; and expanding its facility in Norton Shores, Michigan.
For the record
The commonwealth of Pennsylvania is set to provide $50 million in loans and grants to support infrastructure and site improvements for the project. Chobani may also be eligible for state tax credits.
Monday, August 31, 2026
JPMorgan Chase to consolidate Philadelphia office hub with downtown deal
By Katie Burke CoStar News
JPMorgan is preparing to fine-tune its Philadelphia office property through a deal that would consolidate its current patchwork under a more concentrated roof.
The New York financial heavyweight is in the final stages of negotiations to sublease some of Aramark's Center City headquarters space at 2400 Market St., according to people with knowledge of the talks. If realized, JPMorgan would fill about 63,000 square feet on the fifth floor of the property, enabling the bank to cut some of its ancillary office space across Philadelphia's urban core.
JPMorgan and its affiliates currently occupy space across several Center City buildings, including 1735 Market St., where its lease expires next year, as well as at the One Liberty Place tower and 1880 John F. Kennedy Blvd.
It isn't clear how or when the company's pending agreement for Aramark's space will impact the bank's existing footprint in the region, and JPMorgan representatives did not immediately respond to CoStar News' requests for comment. The amount of space the bank is weighing in the 2400 Market St. building is roughly equivalent to what it currently leases across its other Philadelphia offices.
The Philadelphia plans fit into a broader office rejiggering for the nation's largest bank as it doubles down on its commitment to physical space to accommodate a strict in-person policy for all employees. Over the past couple of years, it has signed several large renewal deals, expanded regional offices and spent heavily to acquire more property.
That ongoing investment has so far resulted in new and renewal agreements in Boston, Seattle, San Francisco, Dallas, New Jersey and Southern California, according to CoStar data. It also unveiled its new midtown Manhattan headquarters, a $4 billion supertall office development that now serves as JPMorgan's global headquarters.
In the aftermath of a deal to anchor the new South Station Tower in downtown Boston — another move that makes it possible for the bank to consolidate its regional presence in a single space — Chris McKenna, the company's managing director for global real estate, said JPMorgan would be looking to concentrate its footprint in other markets such as Miami, Atlanta, Philadelphia and some along the West Coast.
Willing takers
With those plans nearing fruition in Philadelphia, the pending JPMorgan deal is expected to provide a healthy boost to the city's recovering office market.
Similar to other markets nationwide, Philadelphia has benefited from stable employment growth, heightened office attendance mandates, a slowdown in large move-outs and downsizings, and a shrinking share of sublease space in recent years.
While demand remains at just a fraction of its pre-pandemic levels, the region's nearly 11% vacancy rate is well below the national average, according to CoStar data, and tenants such as JPMorgan Chase are increasingly willing to invest in their physical spaces. That has meant a gradual but steady uptick in deal momentum as companies lock down the type of spaces they want while it's still available.
That should bode well for Aramark as it pursues some real estate fine-tuning of its own.
The facilities and food services giant signed its original lease for the 2400 Market St. building about a decade ago, taking on just shy of 278,500 square feet for its corporate offices. Yet Aramark's space across the fifth through ninth floors of the 592,000-square-foot property proved excessive in the years following the pandemic's 2020 outbreak, prompting it to begin hunting for some subtenants.
“When the building was originally designed for Aramark, additional space was incorporated to support future flexibility," the company said in a statement to CoStar News. "As we continue to evolve our workplace strategy, we have determined that our teams can be fully supported within the building’s top four floors.”
The company confirmed that it would soon vacate its space on the fifth floor and relocate employees to its remaining floors in the property.
Sales of Philadelphia multifamily properties lose momentum in 2026
By Brenda Nguyen CoStar Analytics
After rebounding strongly in 2024, sales of Philadelphia-area multifamily properties have increasingly lost momentum over the past two years. Apartment transactions totaled roughly $982 million through July, trailing the $1.15 billion recorded during the same period in 2025 and the even higher $1.8 billion completed in 2024.
Multifamily sales across the Philadelphia region have yet to surpass 2022 levels in the years since, and this year appears unlikely to change that.
Investors are responding not only to current interest rate levels but also to the changing outlook on where rates may move next. After beginning 2026 by pricing in multiple Fed rate cuts, investor expectations have become more cautious amid concerns about the budget deficit and persistent inflationary pressures, prompting speculation about a possible rate hike.
Multifamily often moves earlier than other commercial real estate sectors, serving as a signal of what may be ahead. Apartment leases typically reset annually, so rents and values respond more quickly to economic shifts than office, industrial or retail assets do. This dynamic can draw investors into apartments earlier during a recovery, but it can also prompt them to pull back sooner when conditions change.
Sales of Philadelphia retail centers also declined from last year’s pace and are on track to finish with one of the lowest cumulative totals in recent years. Office sales remain structurally challenged and continue to trend lower, a pattern that has persisted for the past three years.
Industrial property investment posted its strongest first half in at least five years, though sales momentum slowed heading into summer.
With several months remaining in 2026, it remains unclear whether sales activity will stabilize or decline further. Either way, Philadelphia’s investment market is moving toward a more selective environment in which buyers are more cautious, pricing is under greater scrutiny, and fewer deals are closing.
Wednesday, August 26, 2026
Logistics joint venture wraps construction on NJ two-building speculative warehouse project
By Lauren Diggs CoStar Research
A joint venture between NFI Real Estate and Penwood Real Estate Investment Management has completed construction on the Exit 5 Industrial Park, a two-building speculative logistics development totaling 528,478 square feet at 800 Irick Road in Burlington County, New Jersey.
The project, also marketed as Turnpike 5 Logistics Park, consists of a 310,000-square-foot building in Burlington Township and a 218,478-square-foot facility in Westampton located off Exit 5 of the New Jersey Turnpike. Both buildings are fully available for lease following their July 2026 completion.
The single-side load facilities have 36-foot clear heights, extensive trailer parking, heavy power and functional building and site configurations designed to meet modern logistics requirements. Building A includes two drive-in bays and 286 standard parking spaces, while Building B has 26 dock doors and 120 car parking spaces.
The joint venture partnership between NFI Real Estate and Penwood secured $54 million in construction financing from Fifth Third Bancorp for the development.
NFI is a privately held supply chain services provider based in Camden, New Jersey, owned by the Brown family. Its development partner, Penwood Real Estate Investment Management, is a real estate investment advisory firm based in West Hartford, Connecticut.
Apartment concessions in Philadelphia beginning to ease from winter highs
By Brenda Nguyen CoStar Analytics
Grocer Uncle Giuseppe’s serves up Northeast expansion
By Linda Moss CoStar News
Uncle Giuseppe’s Marketplace, a regional specialty grocer, is expanding its presence in New Jersey and venturing into Pennsylvania with two new stores next year.
The Melville, New York-based chain, a full-service supermarket specializing in Italian foods, on Tuesday said it will be opening locations at East Gate Square, 1311 Nixon Drive, Moorestown, New Jersey; and DeKalb Plaza, 320 W. DeKalb Pike, King of Prussia, Pennsylvania.
The two stores represent the next stage of Uncle Giuseppe’s Northeast expansion. Both locations are expected to open in late 2027.
Uncle Giuseppe’s has 13 locations now, including its newest store at Wheatley Plaza, 130 Wheatley Plaza, Greenvale, New York, which debuted earlier this month. The chain also plans to open a store at Levittown Plaza, 3284 Hempstead Turnpike in Levittown, New York, in the fourth quarter.
“King of Prussia and Moorestown are two markets we’ve been looking at for some time,” Carl DelPrete, Uncle Giuseppe’s CEO and co-founder, said in a statement. ”As we grow, we’re careful about where we go. We look for communities where we believe our stores will be a good fit and where customers are looking for fresh, quality food and good service.”
The Garden State remains crucial to Uncle Giuseppe’s, DelPrete said.
“New Jersey has been very good to us, and we continue to see opportunities there,” he said. “Moorestown gives us a chance to reach customers in South Jersey and continue growing in a market where people already know Uncle Giuseppe’s.”
Both stores are slated to feature the chain’s signature departments and fresh food, including fresh mozzarella made in-store, house-made pasta, full-service meat and seafood departments, an Italian deli, a made-from-scratch bakery, prepared foods, fresh produce, specialty cheeses, imported Italian products, catering and a complete selection of traditional grocery items.
Much of the Uncle Giuseppe’s shopping experience centers on food prepared fresh and in full view of customers, including watching pasta being made, according to the chain.
Monday, August 24, 2026
Friday, August 21, 2026
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.
Friday, August 14, 2026
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Monday, August 3, 2026
Top Commercial Real Estate Leasing & Sales Deals in the Philadelphia Market
Wednesday, July 29, 2026
One Philadelphia corridor, four troubled office bets
By Mark Heschmeyer CoStar News
This week’s CMBS Notebook looks at an office stress test playing out along Philadelphia's Market Street.
One Philadelphia corridor, four troubled office bets: Four prominent office properties along a four-block stretch of Philadelphia’s Market Street illustrate the ongoing pressure weighing on the sector in the central business district.
The buildings — 1818, 1700, 1500 and 1515 Market St. — sit within Philadelphia’s Market Street West corridor, where vacancy has risen to 24.3% and demand has weakened since the pandemic, according to CoStar analysis. Collectively, the four properties, totaling 3.7 million square feet of office space, back $836.1 million in commercial mortgage-backed debt.
Among them, 1818 Market is facing some of the steepest challenges. The property’s latest appraisal valued the tower at $158 million, down 44% from its $282.1 million valuation when its loan was originated in 2021, according to Morningstar Credit. The 37-story, roughly 1 million-square-foot office building transferred to special servicing in 2023 after the borrower sought a loan modification. The asset has since entered receivership, and servicers are evaluating liquidation options. Market observers, however, say any sale process could wait until nearby Market Street properties are resolved.
A few blocks east, 1700 Market also has seen its value erode, though its workout process appears further along. The building’s latest appraisal was $168 million, 31% below its value at loan origination, according to Morningstar Credit. The 850,000-square-foot office tower and parking garage transferred to special servicing in 2023 ahead of a looming maturity default. A court-appointed receiver has been marketing the property, and servicer commentary suggests a sale could take place before the end of 2026.
Both 1700 Market and 1818 Market are owned by Shorenstein Properties but are being operated by court-appointed receivers, according to CMBS servicer commentary. Shorenstein declined to comment.
Meanwhile, 1500 Market remains tied up in a lengthy foreclosure and sale process. A planned acquisition fell apart when winning bidder CSC Coliving withdrew its $80 million offer, citing concerns about the economics of Philadelphia’s tax-abatement program, according to a report from The Philadelphia Inquirer.
The two-tower, 1.8 million-square-foot complex has been under receivership since 2023 and was just 34.4% occupied as of March 2026, according to CMBS servicer commentary from Keycorp Real Estate Capital Markets. CBRE has served as the court-appointed receiver since May 2023. CBRE did not respond to a request for comment.
The relative bright spot is 1515 Market. The property recently received a loan modification that extended its debt maturity to 2027 and included a $7 million borrower equity contribution, according to Morningstar Credit. Even so, the 502,000-square-foot office building faces headwinds of its own, including Temple University’s planned departure in June 2027.
Building owner Accesso Partners did not respond to a request for comment.
Monday, July 27, 2026
Pair of investment firms team up to acquire fully leased Lehigh Valley industrial building
By Margaret Sutherland
A partnership between Lancaster, Pennsylvania-based Benchmark Real Estate and Regal Ventures, a New York City-based real estate investment manager, acquired an 85,053-square-foot industrial building in Easton, Pennsylvania, that is fully occupied by Human Active Technology, a designer and manufacturer of ergonomic workspace products ranging from customizable workspace furniture and monitor arms to sit-stand workstations and point-of-sale systems.
The building traded for $7 million, or about $82 per square foot, according to Northampton County property records. The deed was recorded on June 8 under the entity RV Kuebler Road LLC. No brokers were reported to be involved in the transaction.
The buyers plan to expand the Lehigh Valley facility at 100 Kuebler Road by 70,000 square feet to accommodate Human Active Technology's plans to bring its distribution processes on-site. The addition would bring the building's total footprint to roughly 155,000 square feet.
The steel-framed building, constructed in 1972 and renovated in 1993, occupies a 12.4-acre parcel in Forks Industrial Park, a master-planned manufacturing and industrial development in Forks Township, located about 18 miles northeast of Allentown, about 75 miles northwest of Philadelphia, and about 75 miles west of Manhattan.
"By recognizing early that HAT's expanding operations had outgrown their existing footprint, we were able to work with HAT’s plans to present a solution to consolidate local, off-site operations and create meaningful value for both the tenant and the asset," said Mike Callahan, managing partner at Benchmark Real Estate, in a statement announcing the building purchase.
"The Lehigh Valley remains a compelling, small-bay industrial market in the Northeast. Demand stays robust, while vacancy in the 20,000-to-100,000-square-foot segment sits below four percent,” added David Lawrence, director of acquisitions at Regal Ventures. “100 Kuebler Road exemplifies the opportunity we target: a committed occupant, a well-located asset, and a clear path to value creation."
Regal Ventures was founded in 2019 by Alex Smith and Joey Cohen, who previously managed the Cohen family real estate portfolio. The firm focuses on necessity-anchored infill retail in dense urban submarkets and small-bay or flex-industrial assets in supply-constrained metropolitan areas. The Easton acquisition marks the partnership's second Pennsylvania industrial deal with Benchmark. In October 2024, the two firms jointly acquired Crownwood Industrial Estates, a three-building, 218,410-square-foot industrial complex with an adjoining development site at 805 North Wilson Avenue in Bristol, about 22 miles northeast of Philadelphia.
Benchmark Real Estate, established in 2018, maintains a mid-Atlantic investment portfolio spanning industrial, healthcare, senior living and multifamily assets. The firm is an affiliate of Benchmark Construction Company, a Lancaster-based general contractor founded in 1985 whose recent projects include a 50-acre mixed-use senior living development called Tapestrie in Manheim Township, Lancaster County, and the adaptive reuse of a historic Lancaster building into 22 residential loft units.
Tuesday, July 21, 2026
Monday, July 20, 2026
Thursday, July 16, 2026
Thomas Jefferson University to open regional medical college campus in Allentown
By CoStar News Staff
Thomas Jefferson University, a private research university based in Philadelphia formed in 2017 by the merger between the former Thomas Jefferson University and Philadelphia University, announced plans to establish a four-year regional campus of its Sidney Kimmel Medical College in Allentown, Pennsylvania.
The new regional medical campus will span more than 54,000 square feet, encompassing the majority of office space planned at One Center Square, an 87,000-square-foot office building under construction in downtown Allentown. The new building is part of the City Center Allentown mixed-use development led by City Center Investment Corp., a real estate development and management company.
The new regional campus is intended to build on the clinical education partnership between Sidney Kimmel Medical College and Jefferson Health, the clinical partner of Thomas Jefferson University. Jefferson Health operates as a non-profit, multi-state regional health system including 33 hospital campuses and over 700 care sites. During the 2025–2026 academic year, eight physician assistant students and more than 80 medical students completed clinical rotations at Jefferson Health – Lehigh Valley Region hospitals.
"Physicians are more likely to practice where they train. Establishing a four-year campus of Sidney Kimmel Medical College in the Lehigh Valley will expand opportunities for medical education, strengthen regional connections and build a pipeline of physicians who are committed to serving this community for generations," added Said Ibrahim, MD, MPH, MBA, Anthony F. and Gertrude M. DePalma Dean of the Sidney Kimmel Medical College, in a statement announcing the new medical campus in Allentown.
The new campus marks the latest milestone in Thomas Jefferson University's academic expansion and growth. In June 2026, the Sidney Kimmel Medical College was selected by Delaware Gov. Matt Meyer to establish the first four-year medical school in Delaware.
Wednesday, July 15, 2026
Tuesday, July 14, 2026
Provident Data Centers developer buys Harrisburg-area golf course
By Rachel Whaley with CoStar AI CoStar Research
Provident Data Centers closed on its purchase of the 228.4-acre Dauphin Highlands Golf Course in Harrisburg, Pennsylvania, from Dauphin County General Authority for $45.6 million, or approximately $199,616 per acre.
The golf course will close permanently on October 12, 2026, with the site to be redeveloped as a new data center.
The property at 650 S. Harrisburg St. spans land in both Swatara Township and Steelton in central Pennsylvania. The offer from the data center division of Dallas-based Provident Realty was selected from six proposals submitted through a request for proposals process. The purchase price represents approximately 10 times the recorded land value of the property, CoStar confirmed.
Dauphin County General Authority has owned the golf course since 1993. According to the Authority, the golf course has consistently operated at a deficit and was sold as a nonperforming asset. The Authority is expected to pay off the golf course's $13 million debt from the sale proceeds.
Earlier this year, Provident expanded its land holdings in Swatara Township, acquiring additional tracts totaling more than 150 acres on the east side of Route 283, according to county deed records.
Provident Data Centers is led by Founder and CEO Leon Backes and President Jay Hawes. Provident entered the data center industry in 1999 by transforming the former Dallas Northtown Mall into a 140,000-square-foot data center leased to AT&T. The data center developer also has a site in Pennsylvania Furnace, Pennsylvania, where it is planning to build a data center.
Monday, July 13, 2026
Meiya Warehousing takes 142,000 SF at DD1 Development's Pemberton, NJ Facility
By Samuel Murch CoStar Research
Meiya Warehousing, a New Jersey-based, family-owned logistics and warehousing provider, signed a new lease for 142,000 square feet of industrial space at 200 S. Pemberton Road in Pemberton, New Jersey.
The 462,345-square-foot distribution facility was built in 2022 and is owned by an entity affiliated with DD1 Development, a privately held, full-cycle real estate developer with industrial, commercial, and residential projects. The location provides direct access to Interstates 295 and 95, the NJ Turnpike, and Route 38.
Based in Edison, New Jersey, Meiya Logistics is an asset-based logistics provider offering drayage, warehousing, e-commerce fulfillment, Amazon FBA transloading, cross-docking, trucking, and last-mile delivery from several U.S. hubs.
