Center City
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After Sonder’s Collapse, Witherspoon Building Returns to Long-Term Rentals
The 186-unit Witherspoon Building has transitioned from short-term rentals into a more traditional leasing model following the sudden collapse of Sonder Holdings, writes Emma Dooling for the Philadelphia Business Journal. SSH Real Estate, which owns the Center City building in partnership with Young Capital, is now repositioning the property as a traditional rental asset. According…
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Comcast Nears $117.5M Settlement Deal in Yearslong Data Breach Lawsuit Proceedings
Comcast has reached a $117.5 million deal to settle 24 class-action lawsuits stemming from a 2023 data breach that might have impacted more than 30 million customers, writes Abraham Gutman for The Philadelphia Inquirer. The agreement received preliminary approval from a federal judge earlier this month. If the current terms of the agreement gets fully…
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Four Seasons Philadelphia Unveils New $25K-Per-Night Sky Garden Penthouse Suite
Four Seasons Philadelphia at the Comcast Technology Center has unveiled a new collection of rooms on the 45th floor, including a Sky Garden penthouse suite that is priced at $25,000 per night, writes Michael Tanenbaum for PhillyVoice. In addition to the 4,000-square-foot penthouse suite with a private terrace, the Sky Garden features four guest rooms…
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Center City’s Largest Apartment Tower Goes Up for Sale Again After 4 Years
Center City’s largest apartment tower, on 1500 Locust Street, is back on the market four years after it was last traded, writes Paul Schwedelson for the Philadelphia Business Journal. The 605-unit, 45-story building was acquired by New York real estate firm Fairstead and Minneapolis investment company Castlelake for $233 million back in December 2021. It…
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Center City Office Leasing Market Saw Strong End to 2025, Here’s Why
More than five years after the pandemic lead to Center City seeing less and less commuters, its office market is finally getting more stable. This is due to an increase level of tenant interest in trophy properties, writes Noah Zucker for BisNow. According to JLL, the city’s central business district — which includes Center City,…
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The Shops at Liberty Place, Center City Retail Space, Go Up for Sale
The Shops at Liberty Place, a retail space within the Liberty Place mixed-use complex in Center City, is now up for sale, writes Paul Schwedelson for the Philadelphia Business Journal. Chicago-based Metropolis Investment Holdings owns the two-level shopping center at 1625 Chestnut Street, as well as the attached One Liberty Place, a 61-story, 1.1 million…
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Philadelphia’s Wanamaker Grand Court Organ Holds Title of World’s Largest Working Instrument
The Wanamaker Grand Court Organ in Philadelphia holds the title for the largest working instrument in the world, reports Elaine Quijano for CBS News Philadelphia. “What we have here is the largest organ chamber in the world,” said Curt Mangel, the curator of the Wanamaker Organ. “Everything was made by hand. No instrument in the…
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Community Legal Services to Relocate After 30 Years On Chestnut Street
Community Legal Services will be relocating from its longtime home next year as it recently signed a new 13-year lease at a new location, writes Paul Schwedelson for the Philadelphia Business Journal. After having 1424 Chestnut Street as its home for the past 30 years, Community Legal Services will be moving to a new 32,500-square-foot…
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Aramark Looks Ahead to ‘Broad-Based Growth Opportunity’ in 2026 After Record Year
After generating a record $18.5 billion in revenue in the most recent fiscal year, Aramark is looking ahead to “broad-based growth opportunity” for 2026, writes Emma Dooling for the Philadelphia Business Journal. For the fiscal year that ended on October 3, the Philadelphia-based food and facility services company saw a 6 percent increase from the…
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Philadelphia’s Largest and Oldest Investment Bank to Shift Focus to Wealth Management, Stock Broking
Janney Montgomery Scott LLC, the largest and oldest investment bank in Philadelphia, will soon exit this realm in favor of focusing exclusively on its wealth advisory business, writes Joseph DiStefano for The Philadelphia Inquirer. The decision to maneuver against its nearly 200-year history as an investment bank and place its emphasis on stock broking comes…
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New Report Details Who Has Been Moving Into Center City’s New Apartment Buildings
Center City has seen a major influx of new apartments in recent years and a new report breaks down the demographics of the individuals who have been moving into them, writes Molly McVety for PhillyVoice. A recent survey published by the Center City District shows that Philadelphia has been attracting many new residents from other…
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Thanksgiving at the Ritz: Aqimero Serves Up a Boozy Tea and Latin-Inspired Brunch You’ll Be Thankful For
If you’re looking to add a dash of style, and maybe a little tequila, to your Thanksgiving plans this year, Aqimero, located inside the Ritz-Carlton Philadelphia, is serving up two unforgettable holiday experiences in the heart of Center City. Thanksgiving Eve: Boozy Tea, Aqimero Style Forget the frantic grocery runs and marathon cooking sessions. On…
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Former Famous Dave’s CEO Acquires Multiple Iron Hill Brewery Sites, Including One Philadelphia Location
Jeff Crivello, the former CEO of Famous Dave’s, plans to buy 10 Iron Hill Brewery & Restaurant locations, including one in Philadelphia, writes Emma Dooling for the Philadelphia Business Journal. During a recent U.S. Bankruptcy Court hearing in New Jersey, Judge Jerrold N. Poslusny Jr. approved the sale of the regional chain’s assets and leases…
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Mayor Parker Launches New Task Force to Revitalize, Renew Struggling Market East Corridor
Mayor Cherelle Parker and her administration have announced the formation of the Market East Advisory Group, tasked with renewing Market East, write Joe Brandt and Natasha Brown for CBS News Philadelphia. The new task force is a partnership between Comcast, the Philadelphia 76ers, the Fashion District’s owner Macerich, Brandywine Realty Trust, Thomas Jefferson University, Visit…
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Ten Penn Center Sold in $30M Deal, Conversion Project to Follow
The sale of Ten Penn Center is now complete, closing a $30 million deal, writes Paul Schwedelson for the Philadelphia Business Journal. PMC Property Group acquired the 27-story, Center City building from a partnership between two firms, Sterling Equities in New York and Greenville Partners based in West Chester. This sale close comes more than…
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Meet the Lawyer-Restaurateur Building a Growing Southern Comfort Food Restaurant Chain
Five years ago, Kevin Kelley was working as a litigator in Dallas in a 10,000-square-foot space on the ground floor of his building, which had been vacant for about a year. As a result of the pandemic and no takers of the building, he decided to build it out as a restaurant serving Southern comfort…
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Why Did Jordan Brand Choose Philadelphia for First World of Flight Store in the U.S.?
Earlier this month, Philadelphia joined Beijing, Milan, Seoul, and Tokyo as the only cities with a Jordan Brand World of Flight location, writes Ian Servantes for WWD. Each of the global cities are among the most shoppable in the world, and Jordan Brand is speaking out on why it chose Philadelphia as the first U.S.…
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Comcast Promotes Mike Cavanagh to Co-CEO With Brian Roberts
For the first time since becoming CEO of Comcast in 2002, Brian Roberts will be sharing his executive leadership role, writes Ryan Mulligan for the Philadelphia Business Journal. The tech and media conglomerate has announced that Mike Cavanagh will be promoted as Comcast’s new co-CEO starting in January 2026. Cavanagh currently serves as president of…
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