October 20, 1991 |
The vacancy rate for suburban office space dipped from 17.4 percent at the end of June to 16.6 percent at the end of September, according to a survey by a commercial real estate broker. In downtown Philadelphia, the vacancy rate was 13.8 percent at the end of September, up a 10th of a percent from the June rate, according to Robert W. Walters, executive vice president of CB Commercial Real Estate Group. The vacancy rate in the Exton-West Chester, King of Prussia and the Main Line dropped slightly, while the rate of vacancy increased slightly on the Upper Main Line.
June 25, 1987 |
The parent company for Philadelphia's Graduate Hospital and New Jersey's Zurbrugg Memorial today agreed to purchase a Center City church slated for conversion to an office building for $4.25 million five years into their 10 year lease. The $4.25 million figure is what Edward S. Brown, a Philadelphia developer, says it will cost his company, The Edward S. Brown Group, to renovate The Church of New Jerusalem, 22nd and Chestnut streets, into office space by taking advantages of all federal tax credits for the renovation of historical buildings.
February 19, 1999 |
The state of social satire and black comedy in Hollywood is in serious disrepair - for proof, look no further than this week's "Jawbreaker. " (See Page 53.) Hollywood is good at making fun of itself, but seems mystified by anything going on east of Mulholland Drive. As a consequence, its political commentary is uncertain and clumsy ("Bulworth"), its social commentary is ugly and lacking perspective ("Very Bad Things"). The best work, particularly on the subject of jobs and families, is being done by cartoonists - TV shows like "The Simpsons" and "King of the Hill," or the newspaper strip "Dilbert.
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.
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.
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.