The split occurred as a result of a difference in philosophy about the direction the company should take, both Kennedy and Wolfington said.
Wolfington said she wanted to build a "stronger, high-service brokerage firm" that focuses primarily on the sales and leasing of commercial office space.
Kennedy, though, said he wanted to be part of a smaller operation that focuses on development efforts that will "create equity opportunities for myself."
"I spend a disproportionate amount of time . . . attempting to lease space," he said Friday.
Wolfington said that she would continue to operate out of her office on Arch Street and that, as of September, her company would be called Kelly Wolfington Associates.
Kennedy, too, will continue to operate out of the Arch Street office for a while, but his company will be called MD Kennedy & Co.
"It was a very amicable parting," Kennedy said. "There's no reason for me to feel pressured to relocate."
In the meantime, Kennedy "will keep" the buildings that he handles as a leasing agent, including the Stock Exchange and office buildings at 1315 Walnut St., 1529 Walnut St. and 1700 Walnut St.
MSK ASSOCIATES INC. HAS BEGUN WORK ON A BUILDING AT 2130 ARCH ST.
The five-story building, which has 110,000 square feet and 12-foot-high ceilings, was acquired by Archway Associates Limited Partnership with financing provided by the Bank of New England. The total cost of acquisition and renovation is $8.25 million, according to Frank Seidman, director of financing and acquisition for MSK.
Twenty percent of the office space has been leased, and so far, the major tenant is Francis Cauffman Wilkinson & Pepper Architects Ltd., which has leased 15,000 square feet, Seidman said.
A DIVISION OF THE FMC CORP. WILL BUILD AN OFFICE AND RESEARCH CENTER.
Ground-breaking for a 67,000-square-foot, one-story building in New Britain Township in Bucks County is scheduled for October, and the project should be completed by next summer, the company reported.
FMC Corp. is a leading producer of machinery and chemicals for industry, government and agriculture. The facility will be the headquarters for the company's Material Handling Systems Division and will house 240 administrative, engineering and marketing employees.
The division has its headquarters in Colmar, two miles south of the 8.4- acre site on the Shawnee-At-Highpoint Business Campus where the new facility will be.
Knauer, Carr & Gorman Inc. will design and build the project.