Silverstein Properties and Arden Group, a vertically integrated real estate investment management firm, announced five new lease signings totaling more than 75,000 square feet at 1735 Market St. in Philadelphia. The leases bring the building to 90% occupancy. They comprise:
- UBS Financial Services signed a 10-year, 10-month lease for 22,625 square feet. UBS will relocate within the building to the 44th floor in August 2023.
- Capital One Financial Corporation signed a nine-year lease for 22,382 square feet. The company will create an innovation center on the 37th floor when it relocates from Philadelphia’s suburbs to downtown in Spring 2023.
- Ogletree, Deakins, Nash, Smoak & Stewart P.C., a labor and employment law firm, renewed its lease for 15,204 square feet on the 30th floor.
- T. Rowe Price Group expanded its lease by 3,824 square feet. Beginning June 2024, the company will occupy 7,447 square feet on the 30th floor.
- Heidrick & Struggles, a provider of senior-level executive search, culture shaping and leadership consulting services renewed its lease for 7,353 square feet on the 35th floor.
“1735 Market St. continues to attract the top companies in Philadelphia,” said Jeremy Moss, executive vice president at Silverstein Properties. “As business leaders look to get the most out of their office space, conveniently located, well-amenitized buildings like 1735 will be their first choice.”
Owned by Silverstein Properties and Arden Group, the 54-story, 1,286,936-square-foot building is located in the Philadelphia Central Business District. The building is widely recognized for its trademark pyramid crowned top and lobby that is accessible from both Market Street and JFK Boulevard, which are among Philadelphia’s most prominent avenues.
Silverstein and Arden just completed capital improvements to the Market Street entrance and lobby, including the replacement of existing monument sides on the north and south faces to provide increased signage opportunities for tenants. Additional improvements included repainting the steel supporting the building’s iconic rooftop pyramid, upgrades to LED lighting, and a multi-phase project to improve the quality of elevator rides. Silverstein and Arden installed new MERV-13 air filtration systems to improve the building’s air quality, a COVID-19-era protocol the developer chose to make permanent.
Moss and Keith Cody of Silverstein Properties, as well as Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL represented the landlord in these deals. Jack Meyers of Cushman & Wakefield represented UBS Financial Services, Inc. J. Scott Gabrielsen of CBRE represented Capital One Financial Corporation. Mitch Marcus of JLL represented Ogletree, Deakins, Nash, Smoak & Stewart, P.C. Ashley Parrillo of JLL represented T. Rowe Price Group, Inc. Perry Kaplan, Peter Cipriano and Scott Weiss of Savills represented Heidrick & Struggles.