10 North Independence Mall West. Picture courtesy of CommercialEdge
The Federal Reserve Financial institution of Philadelphia has signed a 55,000-square-foot lease renewal at 10 North Independence Mall West, a 775,000-square-foot Class A workplace constructing in Philadelphia. Structure, engineering and inside design agency EwingCole will proceed to function its headquarters on the property. Newmark Government Managing Director Jeffrey Tertel labored on behalf of the owner.
Also referred to as the Federal Reserve Constructing, the eight-story property options eight passenger elevators, 75,000-square-foot flooring plates, an outside eating space, constructing safety, a convention room with 180 seats, a health heart and lined parking.
Newmark’s Tertel and Government Managing Director James Egan are the appointed leasing brokers in control of the asset, CommercialEdge information exhibits. Based on the identical supply, different tenants current on the property embody regulation agency Mattioni and Healthcare Receivable Specialists.
The mid-rise tower is located on an roughly 3-acre lot, near interstates 95, 676 and 76, in addition to a number of bus and subway stations. Situated throughout Nationwide Structure Middle and near Benjamin Franklin Bridge, the property is 4 miles from Camden, N.J., 10 miles from Philadelphia Worldwide Airport and inside 30 miles of Wilmington, Del.
Latest workplace offers in Philadelphia
As of January, the market’s workplace emptiness charge reached 14.1 p.c, beneath the nationwide common of 16.6 p.c, in response to a latest CommercialEdge report. 12 months-over-year, Philadelphia’s workplace emptiness decreased by 40 foundation factors.
In December 2022, Keystone Growth + Funding signed a 50,850-square-foot lease at 1K1, an 11-story workplace constructing in Conshohocken, Pa. The brand new tenant, a administration consulting firm, plans to maneuver in on the suburban Class A location within the third quarter of 2023. Later that month, a partnership between Chubb and Parkway Corp. introduced plans to develop a $430 million workplace tower in Philadelphia, with deliberate completion in early 2026. Insurance coverage firm Chubb will anchor the property.
