Prominent office leases signed by Duane Morris, FS Investments and the Lehigh Valley Health Network negotiated by top dealmakers from NAI Geis Realty Group, CBRE, Tactix Real Estate Advisors and NAI Geis Realty Group are among the first-quarter office leases recognized by CoStar.
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As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar is pleased to recognize the following top leases completed during the first quarter and the dealmakers who made them happen in their respective markets.
Here are the Philadelphia office leases selected as the first-quarter 2025 winners of the CoStar Power Broker Quarterly Deal Awards:
Space Leased: 195,757 SF
Deal Type: Renewal
Size: 617,476 SF
- Tenant: Duane Morris
Brokers Involved: Thomas Hummel and Daniel Moller of NAI Geis Realty Group represented the landlord. Scott Gabrielsen and Anthony Rossi of CBRE represented the tenant. Hello here is some more text with another link
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Deal Commentary: Law firm Duane Morris renewed the lease in its namesake headquarters building in Philadelphia in a top first-quarter deal. While the firm remains the largest tenant in the 20-story office tower, the locally based law firm reduced the space it occupies by roughly 20% from the more than 241,000 square feet it had occupied before the recent renewal. The nearly 617,500-square-foot Center City tower is owned by Oaktree Capital Management, which acquired the tower in late 2017 for nearly $146 million.
Space Leased: 117,216 SF
Deal Type: New Lease
Size: 209,000 SF
Tenant: FS Investments
Brokers Involved: Stephen Rush and Ryan Sweeney of Brandywine Operating Partnership represented the landlord. Glenn Blumenfeld, Rob Cellucci and Kartik Patel of Tactix Real Estate Advisors represented the tenant. test new link here
Deal Commentary: Global alternative asset manager FS Investments bucked the downsizing trend last quarter by deciding to keep its corporate hub in Philadelphia and signing a long-term deal for space in one of Philadelphia's newest developments. After an extended search across Pennsylvania and Connecticut, the firm signed one of the largest office leases in the market over the past five years to relocate to the West Tower in Schuylkill Yards, a $3.5 billion mixed-use project spearheaded by Brandywine Realty Trust. By early next year, FS Investments will have moved its nearly 300-person regional workforce to its new Schuylkill Yards headquarters, where it will occupy four levels of the 28-story building.
Space Leased: 100,000 SF
Deal Type: New Lease
Size: 100,000 SF
Tenant: Lehigh Valley Health Network
Brokers Involved: Matthew Dorman and Phil Schenkel of JLL represented the landlord.
Deal Commentary: The Lehigh Valley Health Network, a healthcare provider and division of Jefferson Health, signed a full-building lease in the first quarter for this building in Allentown's Cedar Crest Professional Park.
Space Leased: 83,959 SF
Deal Type: Renewal
Size: 146,179 SF
Tenant: Penn Medicine
Brokers Involved: Christian Dyer, Matthew Knowles and Anthony Pell of CBRE represented the landlord. Thomas Hummel of NAI Geis Realty Group represented the tenant.
Deal Commentary: Penn Medicine renewed the lease for its nearly 84,000 square feet in the University City Science Center's Port of Technology Building. The prominent healthcare provider operates several hospitals and hundreds of outpatient centers throughout Pennsylvania. GI Partners, a San Francisco-based private investment firm, acquired this building in 2021 through a technology and science real estate investment fund.
Space Leased: 68,870 SF
Deal Type: New Lease
Size: 224,000 SF
Tenant: State of New Jersey
Brokers Involved: Chris Conklin, David Stifelman, Rick Widerman and Dan Close of JLL and Reuven Rivlin of ABS Management & Development represented the landlord.
Deal Commentary: In the first quarter, the state of New Jersey struck a deal to lease the majority of the first floor of the Vorhees Tech Center. The 208,215-square-foot office building was constructed in 1971 in the South Camden County submarket of Philadelphia.
Space Leased: 67,083 SF
Deal Type: Renewal
Size: 800,458 SF
Tenant: Klehr Harrison Harvey Branzburg
Brokers Involved: Mark Adzick and George Cauffman of CBRE represented the landlord. Glenn Blumenfeld, Ryan Conner and Kartik Patel of Tactix Real Estate Advisors represented the tenant.
Deal Commentary: Law firm Khler Harrison Harvey Branzburg LLP renewed the lease for its main headquarters in this 29-story office tower on Market Street, which is owned by New York-based Nightingale Properties.
Space Leased: 51,130 SF
Deal Type: New Lease
Size: 102,260 SF
Tenant: TE Connectivity
Brokers Involved: Mark Seltzer of Ensemble Real Estate Investments represented the landlord. Scott Miller of CBRE represented the tenant.
Deal Commentary: TE Connectivity signed a lease in the first quarter to occupy the first two floors of this Ensemble Investments-owned office building in the King of Prussia/Wayne area. With the lease for approximately half of the four-story building in hand, Ensemble plans to kick off a major renovation to include a new façade, floor-to-ceiling windows, a new roof, updated restrooms and a new lobby designed to reposition the building as one of the few suburban office buildings offering brand-new Class A quality space. TE designs, engineers, and manufactures a broad range of products used in power distribution, signal and data for companies in the transportation, renewable energy, data centers and medical technology sectors.
Space Leased: 32,600 SF
Deal Type: New Lease
Size: 228,858 SF
Tenant: Comcast Advertising
Brokers Involved: Scott Gabrielsen of CBRE represented the landlord. Jay Joyce of Savills represented the tenant.
Deal Commentary: Comcast Advertising, formerly Effectv, a provider of multiscreen TV advertising services, signed a first-quarter lease to relocate its local office. Previously, the company was located at 725 Chesterbrook Blvd. in Chesterbrook. It also has other Philadelphia-area offices in Center City and Horsham. This office complex was built in 2000 and is owned by global asset finance partner, DLL, which occupies the top floor.
Space Leased: 29,272 SF
Deal Type: New Lease
Size: 222,058 SF
Tenant: MedRisk
Brokers Involved: Patrick Nowlan, Jeffrey Mack, James Dugan, and Craig Scheuerle of Newmark represented the landlord.
Deal Commentary: MedRisk, a major provider of managed physical medicine for the workers’ compensation industry, signed a new lease in the first quarter to occupy the entire sixth floor of Five Tower Bridge, a recently renovated office building spanning over 220,000 square feet in West Conshohocken. The former Oracle regional headquarters complex was renovated and repositioned by Equus Capital Partners.
Space Leased: 21,000 SF
Deal Type: Renewal
Size: 75,000 SF
Tenant: Ecosave
UPDATED Brokers Involved: Paul Touhey of CBRE represented the landlord. Jason Kramer and Josh Haber of Binswanger represented the tenant.
Deal Commentary: Ecosave, an independent energy-as-a-service provider, renewed the lease for its main headquarters in this light manufacturing facility owned by Prologis in the Navy Yard Commerce Center.