Philadelphia

The lease expansion was announced by building owner Novaya Foxfield Industrial LLC (Foxfield), the Mid-Atlantic arm of Novaya Real Estate Ventures of Boston. With the new deal, Barry Callebaut now leases 395,000 square feet of space at the 465,680-square-foot building.

The sale of St. Christopher's to Tower and Drexel is part of the process to resolve the Chapter 11 bankruptcy filed by American Academic Health Systems LLC.

CBRE forecasts the national flexible office space will expand to approximately 13% of office space by 2030, reaching up to 600 million square feet. Even in a low-growth scenario, CBRE sees flexible office space claiming up to 6.5% of the market by 2030.

The company will purchase two adjoining sites next to its current manufacturing facility in the Scott Technology Park to construct a new 200,000-square-foot facility, state officials said.

The building is currently 93% occupied. Its tenant base includes Comcast, PJM, Paychex, CertaPro, Megger, Merkle and Monitorying Analytics.

Within the overall transformation category of GlobeSt.com's 2019 ADAPT awards, The Factory was acknowledged for its innovative rebranding of a historic facility.

The Fashion District will launch with an 11:30 a.m. press conference featuring Philadelphia Mayor Jim Kenney, PREIT CEO Joseph Coradino, Macerich CEO Tom O'Hern, and Philadelphia Convention & Visitors Bureau president and CEO Julie Coker Graham.

Wharton Industrial and Walton Street plan to invest upwards of $10 million to completely transform the site, which it will rebrand as "SoPhi (pronounced, Sōfee) Logistics Center."