Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-As the new Cira Centre is about to open more than 95% leased and preleasing accelerates at Comcast Center, Downtown firms shuffle to take advantage of competition for both trophy and class B buildings. CorCell inked a deal for 14,963 sf, and United Healthcare sublet 15,464 sf in Bell Atlantic Tower, the trophy building at 1717 Arch St., which also gained tenants for an additional 10,275 sf. Meanwhile, one renewal and two new tenants take an aggregate 19,830 sf in class B North American Building at 121 S. Broad.

CorCell, a private umbilical cord blood bank, has relocated from 1411 Walnut St., making 1717 Arch the US headquarters of Vita34 International AG, its parent company. Kathie Carr, first VP in the local office of CB Richard Ellis, and Bob Zwengler of CBRE’s corporate services, represented the tenant. Carr declined to disclose the value of the transaction. Roger McManimon, Gilbert Pierce, Paul Garvey and Patrick Wolfington of the local office of Cushman & Wakefield are exclusive representatives for Verizon, which has a master lease of more than 500,000 sf in the building, which is owned by a partnership of Blackstone Group. McManimon has told GlobeSt.com space in the trophy is being offered at below $20 per sf.

United Healthcare is subleasing 15,464 sf on the 29th floor of the building, beginning this December. Overture Financial Services signed a seven-year lease for 4,158 sf, and Muffson Howe Hunter & Co. leased 6,117 sf for 7.5 years. The Dechart law firm is vacating 225,000 sf in the building to move into Cira Centre. Despite the loss, the building’s occupancy approaches 80%.

Three companies each have taken a 6,610-sf full floor in North American Building in leases with an aggregate value of more than $2.1 million, Joseph Viturello of locally based Arden Real Estate Services, tells GlobeSt.com. Viturello; Stephen Perna, SVP; and Matthew Frederick, VP of Arden, represented the owner, ADR North American LP.

Philadelphia Center, an organization that provides assistance to college students in the area, renewed and expanded to the seventh floor of the 21-story building. Jon Mitchell of Key Commercial Advisors negotiated for the tenant.

Rosemont College leased the 18th floor in a relocation from 1401 Walnut St. Gerolamo McNulty Divis & Lewbert is also relocating from 1401 Walnut into the S. Broad building’s 14th floor. Mike Flynn of locally based Flynn Co. represented the law firm.

In unrelated transactions, the Arden team also represented two law firms in leases for expanded space at One Penn Center and 1600 Market St. Ryan Brown McDonnell Berger & Gibbons expanded to 4,753 sf at 1600 Market, while Maurice & Needleman expanded to 3,017 sf at One Penn Center. Without disclosing rental rates, Viturello says these transactions’ aggregate value is more than $940,000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.