April 10, 2013 |
The 660-lawyer Drinker Biddle & Reath L.L.P. corporate law firm is expanding its New York branch and shrinking its Philadelphia headquarters space, but not its workforce here. The firm is doubling its Manhattan space at Silverstein Properties' 1177 Sixth Ave. tower to 31,000 square feet, even as it prepares to downsize its Philadelphia flagship office at Brandywine Property Trust's One Logan Square to 155,000 square feet in 2014. That will be down from 209,000 square feet, and to seven floors from the current 10. Drinker signed a 10-year lease at the New York tower, where listed rents run in the high $70s per square foot.
November 27, 1991 |
Philadelphia's historic Bourse Building will rein in a decade-long struggle to make a go of retailing and convert three floors of shops into offices. The landmark 10-story building at 21 S. Fifth St., built as a grain exchange in the 1890s, will undergo a renovation beginning early next year, building manager Philip Moss said yesterday. The redesign will leave 15 to 20 shops on the ground level, add a food court to that level and replace retail space on the lower level, the mezzanine and the floor above the mezzanine with offices, Moss said.
January 31, 1988 |
Despite the protests of residential neighbors, the Easttown Zoning Hearing Board has cleared the way for a group called 208 Old Lancaster Associates to use garage space for office purposes. The board voted, 2-0, with one member absent, to approve the application for a special exception to the zoning code at a meeting Wednesday night, attaching several conditions The former residential property at 208 Old Lancaster Rd. in Devon is occupied by National Student Services, an insurance company.
January 9, 1990 |
A record one-fifth of Center City office space will be vacant next year, according to a forecast to be released today by Jackson-Cross Co., the Philadelphia real estate firm. A number of large new buildings opening this year will pull tenants from older buildings, increasing the amount of empty office space in Center City to 19.6 percent, up from 12 percent at the end of 1989, according to the forecast. The empty space would be more than six times the size of One Liberty Place, the 61-story office tower.
September 17, 1986 |
The work of a citizen's advisory committee in Riverton is finished, but the issue of what should be done to improve the cramped municipal office space in the tiny borough is far from over. In a divided report, a majority of the 11-member committee established by Mayor David Styer recommended that the borough offices remain in their present quarters in the firehouse at Fifth and Howard Streets. The remaining members of the committee urged in a minority report that the borough construct a new municipal hall a block-and-a-half away and relocate its offices there.
January 16, 1986 |
World-Wide Business Centres Inc., which leases furnished office space and business services in 12 countries, yesterday said that it would move its corporate headquarters from New York City to Philadelphia. Alan L. Bain, founder and president of the 15-year-old firm, said the Philadelphia operation would have about 40 employees within two years. The privately owned company now has more than 200 employees in 17 cities. World-Wide will lease 30,000 square feet in the recently renovated Sovereign Building at 714 Market St., Bain said.
August 5, 1987 |
The Center City office glut - anticipated by some, discounted by others - apparently has arrived, and people in the habit of forecasting such things say it appears to have taken a long-term lease in Philadelphia. Charlie F. Seymour, chairman of the board of Jackson-Cross Co., said the Philadelphia real estate firm's surveys showed the office-occupancy rate for the first half of the year slipped to 87.2 percent from 89 percent in 1986. But more important, he said at a news conference yesterday, the rate at which office space is being absorbed declined, too, bucking an upward trend and leading Seymour to conclude that Philadelphia is among the ranks of overbuilt cities, although the situation here is mild compared with other regions.
April 14, 1986 |
You shouldn't have to look far for an office to rent in Philadelphia. According to a just-released survey, the Philadelphia area has 49.7 million square feet of office space in existing buildings and buildings under construction, of which 11.3 million square feet is available for rent. The area ranks 13th in available space among 32 metropolitan markets in the United States, Canada and Europe surveyed by the Office Network, an international association of large real estate firms.
February 11, 1988 |
The planned opening next month of the Wallace Building, a factory renovated as offices at 642 N. Broad St., provides further evidence of the creep of office development north from Center City. This 237,000-square-foot building, between Wallace and North Streets, is on the edge of the redeveloping Spring Garden area, where renovated and new townhouses selling at $230,000 and more are replacing empty shells, vacant lots and low-rent apartment buildings. P&A Associates, a Philadelphia firm started in 1984 by Peter Shaw and Alan Casnoff, two lawyers turned developers, decided to renovate the factory, once owned by N. Snellenburg & Co., as an office building for two reasons: reinvestment in Spring Garden and a need for offices with access to Center City but lower rents.
December 11, 1986 |
Faced with an office building boom and a government funding bust, a City Council committee yesterday began looking at a way to spread the wealth by siphoning some money from big Center City developers into neighborhood development. Community groups representing neighborhood interests called for the city to charge developers several dollars for each square foot of office space they build and to put the money into a fund for job-training, housing and building up neighborhood shopping centers and small industry.