Center City
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Center City Office Leasing Market Saw Strong End to 2025, Here’s Why
More than five years after the pandemic lead to Center City seeing less and less commuters, its office market is finally getting more stable. This is due to an increase level of tenant interest in trophy properties, writes Noah Zucker for BisNow. According to JLL, the city’s central business district — which includes Center City,…
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The Shops at Liberty Place, Center City Retail Space, Go Up for Sale
The Shops at Liberty Place, a retail space within the Liberty Place mixed-use complex in Center City, is now up for sale, writes Paul Schwedelson for the Philadelphia Business Journal. Chicago-based Metropolis Investment Holdings owns the two-level shopping center at 1625 Chestnut Street, as well as the attached One Liberty Place, a 61-story, 1.1 million…
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New York-Based Social Wellness Brand Bathhouse to Expand to Philadelphia
Bathhouse, the New York-based social wellness brand, is preparing to open its first Philadelphia location, writes Emma Dooling for the Philadelphia Business Journal. The facility will be located inside the historic Bellevue Hotel and will bring four pools and four saunas to the South Broad Street building. According to co-founder Travis Talmadge, the new Bathhouse…
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Community Legal Services to Relocate After 30 Years On Chestnut Street
Community Legal Services will be relocating from its longtime home next year as it recently signed a new 13-year lease at a new location, writes Paul Schwedelson for the Philadelphia Business Journal. After having 1424 Chestnut Street as its home for the past 30 years, Community Legal Services will be moving to a new 32,500-square-foot…
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Philly-Based Behavioral Health Practice Management Platform Raises $35M in Venture Capital Funding
Philadelphia-based behavioral health practice management platform Ritten has raised $35 million in venture capital funding to expand its business, writes John George for the Philadelphia Business Journal. The funding was led by Kansas City, Missouri-based venture capital firm Five Elms Capital. Meanwhile, existing investors 8VC, Bienville Capital, and Threshold Ventures also participated in the round.…
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Philadelphia’s Largest and Oldest Investment Bank to Shift Focus to Wealth Management, Stock Broking
Janney Montgomery Scott LLC, the largest and oldest investment bank in Philadelphia, will soon exit this realm in favor of focusing exclusively on its wealth advisory business, writes Joseph DiStefano for The Philadelphia Inquirer. The decision to maneuver against its nearly 200-year history as an investment bank and place its emphasis on stock broking comes…
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New Report Details Who Has Been Moving Into Center City’s New Apartment Buildings
Center City has seen a major influx of new apartments in recent years and a new report breaks down the demographics of the individuals who have been moving into them, writes Molly McVety for PhillyVoice. A recent survey published by the Center City District shows that Philadelphia has been attracting many new residents from other…
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Apartments, Swimming Pool, and Redeveloped Retail Space Planned for Historic Wanamaker Building
TF Cornerstone, the owner of the Wanamaker building, is seeking to transform the historic property into residential space while redesigning the first three floors that previously housed Macy’s to accommodate multiple retail tenants, writes Paul Schwedelson for the Philadelphia Business Journal. The plans for the 114-year-old building, which spans an entire block just east of…
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Major $27M Renovation, Expansion Planned for College of Physicians and Mütter Museum
The College of Physicians of Philadelphia, along with the popular Mütter Museum it operates, is preparing for a major $27 million expansion and renovation, writes Rosa Cartagena for The Philadelphia Inquirer. The campus at 22nd and Chestnut Streets will receive a new accessible entrance, expanded galleries, educational along with event spaces, a renovated gift shop,…
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Mayor Parker Launches New Task Force to Revitalize, Renew Struggling Market East Corridor
Mayor Cherelle Parker and her administration have announced the formation of the Market East Advisory Group, tasked with renewing Market East, write Joe Brandt and Natasha Brown for CBS News Philadelphia. The new task force is a partnership between Comcast, the Philadelphia 76ers, the Fashion District’s owner Macerich, Brandywine Realty Trust, Thomas Jefferson University, Visit…
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Ten Penn Center Sold in $30M Deal, Conversion Project to Follow
The sale of Ten Penn Center is now complete, closing a $30 million deal, writes Paul Schwedelson for the Philadelphia Business Journal. PMC Property Group acquired the 27-story, Center City building from a partnership between two firms, Sterling Equities in New York and Greenville Partners based in West Chester. This sale close comes more than…
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Meet the Lawyer-Restaurateur Building a Growing Southern Comfort Food Restaurant Chain
Five years ago, Kevin Kelley was working as a litigator in Dallas in a 10,000-square-foot space on the ground floor of his building, which had been vacant for about a year. As a result of the pandemic and no takers of the building, he decided to build it out as a restaurant serving Southern comfort…
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Why Did Jordan Brand Choose Philadelphia for First World of Flight Store in the U.S.?
Earlier this month, Philadelphia joined Beijing, Milan, Seoul, and Tokyo as the only cities with a Jordan Brand World of Flight location, writes Ian Servantes for WWD. Each of the global cities are among the most shoppable in the world, and Jordan Brand is speaking out on why it chose Philadelphia as the first U.S.…
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Michelin Guide Awards This Philadelphia Hotel Two-Key Designation
The Michelin Guide has awarded the Four Seasons Hotel Philadelphia at the Comcast Center a two-key designation, writes Emma Dooling for the Philadelphia Business Journal. The 2025 key designations, announced on Wednesday, are equivalent to Michelin’s coveted star ratings that are awarded to restaurants around the world. The key ratings system was launched last year.…
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Stateside Vodka Chooses Center City to Relocate Corporate Headquarters
Stateside Vodka, the maker of Surfside canned cocktails, has chosen to relocate its corporate headquarters to Center City, writes Paul Schwedelson for the Philadelphia Business Journal. Stateside Vodka has signed a new 11-year lease at 1100 Ludlow Street, where it will be taking up 34,200 square feet of the building across the fifth and sixth…
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Audacy to Sublease Nearly Half Of Its Philadelphia Headquarters in Center City
Audacy and a listing from real estate brokerage firm Binswanger, has confirmed that it is subletting up to 48 percent of its headquarters, writes Jeff Blumenthal for the Philadelphia Business Journal. The percentage equates to up to 32,400 square feet of Audacy’s fourth floor space. Its lease on the space is set to expire on…
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Comcast’s Chief Product Officer Aims to Simplify TV Viewing Experience, Here’s How
Comcast Chief Product Officer Fraser Stirling acknowledged that the TV viewing experience has become increasingly complicated and is working to simplify it again, writes Ryan Mulligan for the Philadelphia Business Journal. Customers have never faced such an array of streaming services, numerous ways to watch sports, and ever-growing content libraries. Stirling plans to simplify this…
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WSJ: Comcast Expands and Reaches New Agreements With Amazon to Share Streaming Content Across Platforms
Philadelphia-based Comcast has reached new or expanded existing distribution agreements with Amazon to make their streaming content available on each other’s platforms, writes Dean Seal for The Wall Street Journal. Comcast customers will have Prime Video content available on NBCUniversal’s Xfinity X1 devices, while Amazon users will have access to NBCUniversal’s Peacock streaming app subscriptions…
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