3 LEASES SIGNED AT 1608 WALNUT STREET FOR A TOTAL SF OF 29,323 AND AN AGGREGATE TOTAL OF $5.5 MILLION.

PernaFrederick Commercial Real Estate is pleased to announce the relocation of Pierce College to 1608 Walnut Street, Philadelphia, PA, where they will occupy the entire 19th floor. The 11,693 SF space allows Peirce to create a flexible and modern space to better meet the changing needs of their students, faculty and institution. The team of Stephen Perna and Daniel Gummel of PernaFrederick acted on behalf of Peirce, while Joseph Viturello of PernaFrederick represented the landlord, PMC Property Group.

Also signing leases are Utility Emergency Services Fund and Penn Medical Associates. UESF nearly doubled their space on multiple floors to better serve their clients, employees and expanding programs. Tactix Real Estate Advisors represented the tenant in this transaction. Penn Medical Associates is opening their first Philadelphia location on the 17th floor. Penn Medical has multiple offices in New York and New Jersey areas. Emily Stein of Vantage Commercial Real Estate represented the tenant in this transaction.

Joseph Viturello, a vice president of PernaFrederick, brokered all of these transactions on behalf of the landlord. Viturello states “the addition of these quality tenants to the building enhances the tenant roster and types of industries represented at the property”.

1608 Walnut Street is a 19-story, 226,695 SF Class “B” office building located on the 16th block of Walnut Street. The building is owned and managed by PMC Property Group.

Five Below Space for sublease

April 26, 2021 [Philadelphia, PA] Five Below Inc. is trying to sublease 42,000 square feet at its Philadelphia headquarters, deciding it no longer needs the space it grabbed two years ago for future expansion. If possible, it wouldn’t mind getting rid of an additional 26,000 square feet for a grand total of 68,000 square feet.

The company is “evaluating a hybrid model and the hybrid model needs less space,” said Christiane Pelz, a company spokeswoman.

The discount retailer is far from the only company undertaking a process to determine how much space it needs going forward. Many companies are considering more flexible work arrangements post-pandemic and this has meant they don’t need as much space as they currently occupy.

As a result, firms in every sector across the region are vacating and subleasing that excess space and just about every office submarket is suffering from the same malaise: more sublease space coming available, higher vacancies and negative absorption rates.

Examples of companies that have vacated or looking to sublease space include: Optum 360 vacating 137,000 square feet at 1001 Adams Ave. in Lower Providence; PNC Bank vacating 255,000 square feet at its operations center at 8800 Tinicum Blvd. in Philadelphia; Farmers Insurance Group leaving 211,000 square feet at 3 Beaver Valley Road in Wilmington; Oracle Corp. subletting 29,150 square feet at Five Tower Bridge in Conshohocken; Comcast Corp. subletting 18,375 square feet at Four Tower Bridge in Conshohocken; Teknion emptying out of 29,650 square feet at 350 Fellowship Road in Mount Laurel, N.J.; and Magee Memorial Hospital vacating from 19,000 square feet at Suburban Station in Philadelphia.

A recent study by JLL shows the amount of sublease space has risen across the region including the western suburbs, Center City, Wilmington and South Jersey and few have been spared.

Of the 27 submarkets tracked, 19 experienced increases in sublease vacancy, three decreased, and five have remained unchanged, according to JLL. The office submarkets of Valley Forge, Delaware County, and New Castle County have seen the largest increases over the past year.

CBRE Inc.’s research shows the average office employee is expected to spend about 35% of their time working remotely. “Because of the way workers use the office, however, this will not translate to a direct 35% decrease in demand for space,” the firm said in its first quarter report. “More than likely, it will create a 9% reduction in occupied square feet.”

The overall vacancy rate for the region stands at 17.7%, according to CBRE. Vacancy in Center City is 14.3% and 19.5% in the suburbs. At the end of the first quarter in 2020, Center City’s vacancy rate was 12.4% and the suburbs stood at 14.7%, according to Newmark.

The rising vacancies and sublease space doesn’t mean the market has cratered. Leases are still getting done and some submarkets are showing resilience.

“The Conshohocken market is still incredibly strong,” said Chris Buccini, co-president of Buccini/Pollin Group, which owns buildings in Conshohocken, along Swedesdford Road in Wayne and Wilmington. “What we’re finding is if tenants want to leave the city and go to the suburbs and they want to be in an urban environment, they come to Conshohocken.”

Since March 2020, Buccini/Pollin wrapped up 75 new and renewal deals totaling one million square feet of deals that tallied up to $300 million in lease transactions across its three main markets of Wilmington, the Philadelphia suburbs and Pittsburgh. Whether that momentum will carry into this year has yet to be seen.

First-quarter regional leasing activity totaled 679,894 square feet, declining by 25% from the end of the year, according to Savills. Leasing activity in Philadelphia’s Central Business District fell 57.4% to 188,263 square feet.

“The reality is that if you ask anyone who has been working from home for the past year what they need, they really have no idea what they need,” Buccini said. “The needs are different and not one size fits all. Companies are going to have to come back and see what they need.”

Brandywine Realty Trust, the region’s largest landlord of trophy and Class A office space, said in its first quarter earnings call that it is seeing “encouraging signs” in the office market such as an increase in leasing and tour activity.

“We have to keep in mind we are in a transitional phase of the return-to-work journey,” CEO Jerry Sweeney told analysts. “We think it will take three quarters or so to play out.”

Smaller to midsized tenants are the ones that have generally returned to work and those tenants that have yet to do so have told Brandywine three target dates for returning to their offices: July 1, Labor Day and sometime in the fourth quarter.

As Five Below evaluates its needs, the company being proactive about subleasing space. “There are a number of different options available,” said Steve Perna of PernaFrederick Commercial Real Estate and represents the company.

Five Below leases 200,000 square feet at the Litsbuilding at 701 Market St. The 42,000 square feet of expansion space has been demolished in preparation for a build out that won’t happen and a tenant could take that raw space and fit it out. Five Below also has another 26,000 square feet of built out space that is also available for sublease. “It all depends on what a potential subtenant would need,” Perna said.

April 15, 2021 [Philadelphia, PA] – The Nelson building, once eyed for a new high-rise condominium tower, has finally sold after four years of falling in and out of agreement with multiple prospective buyers.

Vert Properties Inc., a South Jersey real estate firm, paid $4.8 million for the 30,000-square-foot building in the Society Hill neighborhood of Philadelphia. The brick structure sits at 222-230 Walnut St. between 3rd and Dock streets and adjacent to the Ritz Five movie theater.

Efforts to get the Nelson building sold turned into a bit of a saga with a series of unrelated stumbling blocks preventing a deal from happening until now. It was under agreement a total of five times with others taking a serious look at buying it.

“One might say what was wrong, but the fact that we kept receiving interest in my mind says what was right, which is a testament to the unique quality of the asset and its irreplaceable location,” said Steve Perna of PernaFrederick Commercial Real Estate, which arranged the transaction and had the listing since early 2017.

The building was first put under agreement in April 2017. That’s when Tom Scannapieco, a local developer, was nearing completion of the construction of 500 Walnut and was on the hunt for a site for his next luxury condominium tower. Particular about where he builds what are ultra, high-end developments, Scannapieco found that the location of the Nelson building checked all of the boxes – until it didn’t.

From the time Scannapieco put the Nelson building under contract until November 2018, a few events transpired to complicate a transaction. Nelson, an architectural firm that housed its operations in the building, relocated to 100 Independence Mall West and moved out of the Walnut Street building. Then, Cohen Media Group bought Landmark Theatres, acquiring 252 screens in 27 cities including the Ritz Five that Scannapieco wanted as part of his development plans.

The hope was that the Ritz Five could be excluded from the Cohen transaction and bought separately by Scannapieco. “We were pushing for that and they said no and kept it in,” Perna said.

Scannapieco couldn’t make it work without the Ritz Five and decided to terminate the agreement. “I credit Tom,” Perna said. “He gave it all he had.”

By June 2019, Astoban Realty Group put the building under contract and considered developing a mid-rise residential building on the property. Ultimately, the Philadelphia real estate company turned its attention to acquiring the Freeman’s Auction House building at 1810 Chestnut St. in Rittenhouse Square where it’s developing a residential tower.

In August 2019, Studio Incamminati art school put the Nelson building under agreement with a plan to relocate from the Wolf building. Fundraising efforts to purchase the property fell short and the agreement terminated in January 2020. Studio Incamminati ended up moving to Bok.

In February 2020, the Chinese Education Academy of Philadelphia, a Montessori school, made a run at buying it. “They moved quickly, did their appraisal, due diligence and were 10 days away from making a second deposit in March, but then the dreaded Covid-19 hit,” Perna said. “After a few frantic days, they decided to terminate. This was most painful since it was so close.”

The sale was on schedule to close in April.

The pandemic paused efforts to sell the building. “I was feeling very frustrated for John and Gen Nelson,” Perna said about the sellers. “When we started this process, the Nelson design firm was still in there. They moved and it started to get complicated because then you have to take care of a vacant building.”

After some downtime and getting a call here and there about it, efforts to sell the building ramped up last July. In January, Vert signed an agreement to buy it. It was the deal that finally happened. The transaction closed March 21.

“There were numerous discussions and letters of interest interspersed during this entire time and we got close with a handful of them but for one reason or another, which is part and parcel of this business, didn’t come to terms,” Perna said.

Vert was drawn to the building because of its location, proximity to hotels, restaurants and other retailers. It also found the interior appealing with its high ceilings and expansive windows that provide for an abundance of natural light.

Vert operates two co-working concepts: Incutate in Sewell, New Jersey, and the Trade Lofts, which caters to trade-type businesses in Glassboro, New Jersey. Vert plans to explore putting its Incutate coworking facility in the Nelson as well as lease it out to tenants. PernaFrederick is overseeing those efforts.

“We understand this property has great development potential but we plan to lease the space through the Incutate concept for the foreseeable future,” Frank Lauletta, president of Vert, said in a statement. “However, due to the nature of the operation, we can change course rather quickly if we were afforded an opportunity we felt like we couldn’t pass up.”

Premier Physical Therapy to Join the Community at the Q
– Iconic Quartermaster Campus of South Philadelphia Welcomes Newest Tenant –

January 25, 2021 [Philadelphia, PA] – Colliers International is pleased to announce a new lease at the Quartermaster, an iconic campus of six buildings encompassing one million square feet of available space over 24 acres, located at 2800 S. 20th Street in the Girard Estate neighborhood of South Philadelphia. Premier Physical Therapy will soon occupy 8,661 square feet in Building 12.

Premier Physical Therapy is a regional therapy practice dedicated to diagnosing and providing high quality treatment and rehabilitation for musculoskeletal and neurologic disorders, with current operations in Philadelphia, Wyomissing and Allentown. The group will be relocating its current Moyamensing Avenue location to the site.

“The convenient South Philadelphia location, availability of parking and unique architectural features all attracted us to the Quartermaster and will make it a great home to host our patients. We look forward to being an active member of the community at the Q.” shared Carl Contino of Premier.

The move comes at an exciting time for the Quartermaster which is undergoing a bold redevelopment plan. The Philadelphia Quartermaster Depot, an expansion of the Schuylkill Arsenal dating back to the early 1800’s, was built at its current location in 1918 as America joined the fray of WWI – outfitting the doughboys of that era. It went on to be the largest purchaser and maker of textile products in the world and likened to a “little Pentagon.” It’s historically significant art deco buildings and central clocktower designed by Ballinger sit at the heart of the complex that was supported by its own railroad system, police and fire protection. At the height of wartime efforts the depot employed up to 15,000 Philadelphians.
This storied campus, home to Homeland Security’s Delaware Valley Intelligence Center (DVIC) and the U.S. Department of Labor’s Regional Job Corps Training Center remains driven by its original sense of productivity and community and is proudly readying to serve a new generation as a unique and vibrant destination.

Premier was represented by Joe Viturello of Perna Frederick Commercial Real Estate. Colliers International is exclusive agent to the Quartermaster and SkyREM.

PernaFrederick Vice President Joe Viturello was recently featured in an interview with Ethosource where he discusses Covid-19’s impact on the commercial real estate industry. Watch his interview below!

PHILADELPHIA, PA — PernaFrederick Commercial Real Estate has represented three tenants for approximately 10,473 square feet of downtown office space that have a combined aggregate rental exceeding $1.9 million.

The PernaFrederick brokerage team of Matt Frederick, a principal, Joe Viturello, a vice president, and Matthew Tomeo, an associate, negotiated all of the agreements.

In the largest of the leases, The Philadelphia School of Massage & Bodywork, Inc., will occupy approximately 6,000 square feet on the eighth floor of 117-131 N. Eight Street. The space contract brokered by Viturello and Tomeo will commence June 1.

Michael Kahan, a broker with Colliers L&A, cooperated with PernaFrederick and represented building owner the WZ Group, LLC, in finalizing the lease.

At The Sterling, 1819 JFK Boulevard, Viturello represented SMART Transportation in the arrangement of a new space contract for 2,473 square feet on the fourth floor. Jason Bernardi, a broker with Cushman & Wakefield, represented CCIP Sterling LP, the building owner, in closing the space contract that begins May 1.

In the third agreement, Viturello and Frederick represented Back on My Feet in the negotiation of a long-term renewal agreement for some 2,000 square feet on the 21st floor of the Land Title Building at 100 S. Broad Street.

MS Fox in Philadelphia cooperated with PernaFrederick and represented LTB Limited Partnership, the building owner, in the renewal negotiations.

PHILADELPHIA, PA — PernaFrederick Commercial Real Estate has negotiated five lease agreements for approximately 17,704 square feet of center city office space here having an aggregate rental exceeding $2.4 million.  Four of the space contracts, brokered by Joseph Viturello, a vice president at PernaFrederick are for 14,871 square feet at 1608 Walnut Street.

In the largest lease, Nexstar Broadcasting, Inc., has renewed and expanded its offices to 5,894 square feet on the 10th floor of the building owned by 1608 Walnut Associates, L. P.

According to Viturello, Nexstar recently purchased Tribune Broadcasting and the expansion will accommodate the additional staff associated with that acquisition. Mark Adzick, a broker with CBRE, cooperated with PernaFrederick and represented Nexstar in the lease negotiations.

On the 17th floor of 1608 Walnut the Yang Institute of Integrative Medicine is occupying 4,057 square feet under a new lease negotiated by Viturello and Scott Martin, a broker with Avison Young.

On the ninth floor Becker Nose & Sinus Center, LLC, is moving to some 2,935 square feet under the terms of a new agreement negotiated with the cooperation of Tom Hummel, a broker with NAI Geis Real Estate.

In the fourth lease, Viturello was the sole agent who negotiated a new space contract that is placing the law firm of Green & Spiegel, LLP, in approximately 1,985 square feet on the seventh floor.  The firm is headquartered in Toronto, CN, and specializes in immigration law.

At 205 N. Broad Street, Viturello and Matthew Frederick, a principal of PernaFrederick, represented 205 Broad Holdings, LLC, the building owner, in closing a contract for approximately 2,536 square feet on the fifth floor that will be occupied by Behavior Interventions.

Julie Kronfeld, a broker with NAI Mertz, cooperated with PernaFrederick and represented Behavior Interventions in finalizing the long-term agreement.

ASI Management, a Philadelphia real estate company run by Alex Schwartz, has purchased a garage in the Old City neighborhood of Philadelphia with the intention of not tearing it down to build something anew.

It’s a twist in what has been a regular feature in Old City, a neighborhood that has seen in recent years a constant churn of smaller buildings and surface parking lots transformed into new residential structures. Schwartz paid $4.6 million for 37-39 S. 2nd St., a three-story parking structure that has been owned by the same family for decades.

Click to Read Full Article at the Philadelphia Business Journal >>

Five Below Inc. is expanding its headquarters at the Lit Brothers building by nearly 43,000 square feet just three years after having signed on to relocate to the Philadelphia office property.

The company had an option to expand within the building if space came available and once it did, the company decided to exercise that option early, said Steve Perna of PernaFrederick Commercial Real Estate who represents Five Below. …

Click to Read Full Article at the Philadelphia Business Journal >>

PHILADELPHIA, PA — PernaFrederick Commercial Real Estate has represented  three tenants for approximately 12,047 square feet of downtown office space that have a combined aggregate rental exceeding $1.7 million.

Matt Frederick, a principal, and Joe Viturello,  a vice president at PernaFrederick, negotiated all of the agreements.

In the largest of the leases, Ryan, Brown, Berger & Gibbons, P.C., extended its lease for approximately 4,813 square feet on the 14th floor of 1600 Market Street.

Craig Scheuerle and Jack Soloff with Newmark Knight Frank cooperated with PernaFrederick and represented AREP 1600 Market Street, LLC, the building owner, in finalizing the terms of the renewal.

Founded in 1997, the firm’s attorneys handle commercial, construction, entertainment, health care, motor vehicle, personal injury, premises liability, product liability, professional liability and transportation litigation.

At The Professional Arts Building, 205 N. Broad Street, Frederick and Viturello represented Delaware Valley Management and Consulting, LLC, in the negotiation of a new space contract for 4,000 square feet on the sixth floor.  Tom Kramer with TDK Advisors represented 205 Broad Holdings, LLC., building owner and landlord in the lease.

Delaware Valley Management and Consulting is a Pennsylvania Limited Liability Company established in September of this year.

In the third agreement, Aversa & Linn renewed its lease for some 3,234 square feet on the 30th floor of 1700 Market Street.  The brokerage team of Kevin Maloney and David Mendez at CBRE represented 1700 Market Street Associates, the building owner, in closing that multi-year renewal agreement.

Aversa & Linn is a legal firm that specializes in personal injury litigation and has been situated on the 30th floor of 1700 Market Street since 2006.  The renewal agreement will extend that occupancy in the 32-story building into the next decade, Viturello said.

PHILADELPHIA, PA— PernaFrederick Commercial Real Estate has represented The Altitude Group, Inc., in the negotiation of a long-term space contract that will expand that firm’s offices to 6,103 square feet at The Philadelphia Building, 1315 Walnut Street.

Joe Viturello, a vice president at PernaFrederick, arranged the lease with Philadelphia Building Associates, the building owner.  The aggregate rental of the lease exceeds $1.3 million, Viturello said.

Headquartered in London, The Altitude Group is the leading provider of technology and information services to the promotional products, print, and clothing industries. The international firm uses proprietary technologies to provide resellers with an easy way to promote products online.

Under the new space contract, The Altitude Group will occupy approximately one-half of the 14th floor in the building that contains more than 213,763 square feet on 17 floors containing approximately 12,000 square feet each.

PHILADELPHIA——PernaFrederick Commercial Real Estate has represented building owner Arts & Crafts Holdings in the negotiation of lease agreements for approximately 11,850 square feet of center city office space.
The brokerage team of Joe Viturello and Keith Kiner brokered all of the space contracts that have an aggregate rental of $1.6 million.

In the largest of the agreements, Granum A/I LLC will soon move to approximately 5,434 square feet on the seventh floor of 990 Spring Garden Street. Viturello and Kiner arranged that lease which will commence on or about August 1st of this year.
At 915 Spring Garden Street, Fishtown Analytics will move to approximately 4,547 square feet on the fifth floor in the third or fourth quarter of this year. In that agreement Viturello and Kiner represented Arts & Crafts Holdings and Daniel Gummel represented Fishtown Analytics.

In a second lease at 915 Spring Garden, Best & Associates, LLP, has recently moved to 1,112 square feet on the second floor in an agreement brokered by Viturello and Kiner who represented building ownership and the tenant in finalizing the lease terms.

At 448 N. 10th Street PernaFrederick represented SA Buttonwood, a real estate entity of Arts & Crafts Holdings, in the lease of approximately 800 square feet on the fifth floor to Mosser Legal, PPLC. Mosser Legal has been situated at 211 N. 13th Street and recently moved to its new 10th Street address.

PHILADELPHIA, PA— PernaFrederick Commercial Real Estate has represented three tenants for approximately 9,680 square feet of downtown office space that have a combined aggregate rental exceeding $1.2 million.

Joe Viturello, a vice president at PernaFrederick, brokered all of the agreements.

In the largest of the leases, MJ Settelen Construction, LLC, has leased a total of 5,161 square feet on the 11th floor of 230 South Broad Street for the expansion of its offices there.

Jeff Seligsohn, a broker with SSH Real Estate, cooperated with PernaFrederick and represented the private real estate investment partnership that owns the 21-story building on the northwest corner of S. Broad and Locust Streets.

Viturello and Keith Kiner, a vice president at PernaFrederick, represented XTRA Chef, Inc., in the negotiation of a lease for 2,800 square feet on the fifth floor of the Biddle Building, 1217 Sansom Street.  The brokerage team of David Mendez and Kevin Maloney with CBRE represented Bailey Chestnut Partners, L.P., the building owners.

In the third agreement, Viturello represented Asterion in the lease of 1,719 square feet on the 10th floor of One Penn Center, 1617 JFK Parkway.  David Healy, a broker with JLL, cooperated with PernaFrederick and represented One Penn Center Associates, L. P., the building owner, in closing that multi-year agreement.

PHILADELPHIA, PA— PernaFrederick Commercial Real Estate has represented two tenants in the lease of approximately 12,196 square feet of center city office space here.  Matthew Frederick, a principal, and Joe Viturello, a vice president of the firm, negotiated the two long term lease agreements that have a combined aggregate rental exceeding $2.3 million.

In the larger of the two space contracts, Home Care Associates extended an existing agreement for 6,764 square feet on the 10^tth floor of 1500 Walnut Street.  Frederick and Viturello brokered the renewal with 1500 Walnut Enterprises, LLC, owner of the 22-story 270,000 square foot building.

At The Philadelphia Building, 1315 Walnut Street, Viturello represented Altitude Group, Inc., in the lease of approximately 5,432 square feet on the 14th floor of the 18-story building that is owned by Goldman Properties, a private real estate investment partnership.

PernaFrederick is a Philadelphia-based full-service commercial real estate firm that offers principal to principal relationships serving tenants, landlords and investors, and acts as a project consultants to leading companies in the Philadelphia region.

PHILADELPHIA, PA— PernaFrederick Commercial Real Estate has negotiated six lease agreements totaling 22,113 square feet of office space in two buildings situated within the Spring Arts Neighborhood here. The space contracts have a combined aggregate rental of $3.2 million and were arranged for the building owners by the brokerage team of Joe Viturello and Keith Kiner at PernaFrederick.

In the largest of the agreements, Ameribest expanded its existing offices with the lease of another 6,924 square feet on the second floor of 990 Spring Garden. With that expansion planned for the third quarter of this year Ameribest will occupy 17,330 square feet in the structure.

Elfant Wissahickon Realtors is moving into 5,534 square feet on the seventh floor of 990 Spring Garden Street when it opens a new office there in the Fall. Joining the real estate firm on the seventh floor this summer is the National Clearinghouse for the Defense of Battered Women which has leased 3,172 square feet under a contract negotiated by Cathy Coate, a broker with SSH Real Estate. National Clearinghouse is presently located at The Sheridan Building in Philadelphia.

Moving to some 3,000 square feet on the fourth floor is Creative Characters under a lease arranged by Jason Winig, principal of Winig Properties. Creative Characters is now located at The Sheridan Building and will move to 990 Spring Garden in the weeks ahead as soon as interior renovations are completed.

Independent Vets is moving to 2,000 square feet on the fourth floor under a contract negotiated by Virturello and Kiner acting as sole agents for SA 990 Spring Garden LP, the private investment partnership that owns the building. Independent Vets is presently located on S. 20th Street and is scheduled to relocate to 990 Spring Garden Street by May 1.

At 448 N. 10th Street Hightop Washington LLC is expanding its offices with the lease of an additional 1,483 square feet on the third floor in an agreement where Viturello and Kiner were the sole agents who represented the building owner SA Buttonwood, LP.

PHILADELPHIA, PA — PernaFrederick Commercial Real Estate has represented SA 990 Spring Garden, LP, the private real estate investment partnership that owns 900 Spring Garden Street here, in the negotiation of a long-term lease agreement for approximately 16,000 square feet to be occupied by the Children’s Literacy Initiative.

Keith Kiner at PernaFrederick arranged the space contract for a portion of the third floor of the building while Cathryn Coate, a broker with SSH Real Estate, represented the Children’s Literacy Initiative in finalizing the lease terms.

According to Kiner, the aggregate rental of the multi-year agreement exceeds $3.5 million.

The Children’s Literacy Initiative is presently located on the second floor at 1207 Chestnut Street and will move to the Spring Garden building in third quarter of this year, Kiner said.

The organization provides one-on-one and small group professional development in the classroom – offering demonstrations and feedback that help teachers incorporate effective balanced literacy practices into their daily work with students. It also offers workshops and seminars that build teachers’ knowledge of literacy content and pedagogy. This provides the foundational knowledge for future one-on-one professional development meetings.

PHILADELPHIA, PA— PernaFrederick Commercial Real Estate has arranged three office lease agreements for approximately 11,045 square feet of downtown space here that have a combined aggregate rental exceeding $1.4 million.

Joe Viturello, a vice president at PernaFrederick, arranged all of the agreements that will relocate two companies to 1608 Walnut Street and a third firm to 1218 Chestnut Street.

At 1608 Walnut, the Trust for Public Land has leased approximately 3,600 square feet on the third floor of the 19-story building in a relocation from 1501 Cherry Street. Brett Fox, a broker with M.S. Fox Real Estate, cooperated with PernaFrederick and represented the Trust for Public Land in negotiating the long-term agreement while Viturello represented 1608 Walnut Street Associates, the private investment partnership that owns the 232,000 square foot building.

In the second lease at 1608 Walnut, SP Plus Corporation is moving from 1835 Market Street to some 1,845 square feet also on the eighth floor. PernaFrederick represented both the Landlord and Tenant in finalizing the terms of the lease.

At 1218 Chestnut Street, Viturello represented Blackfynn Apex Holdings, LLC, in an expansion of its offices to some 5,600 square feet on the eight floor of 1218 Chestnut from smaller offices at 121 South Broad Street. The brokerage team of David Mendez and Kevin Maloney at CBRE represented Bailey Chestnut Partners, L.P., the building owner, in finalizing the lease terms.

Blackfynn is a privately-owned life sciences company focused on the development of a data platform to enable integration and analysis of complex, multimodal research and clinical data to enable better therapeutics and clinical care for patients with neurologic disease.

SP Plus Corporation is a diverse provider of professional parking, ground transportation, facility maintenance, security, and event logistics services to real estate owners and managers in a wide array of markets.

PHILADELPHIA, PA — PernaFrederick Commercial Real Estate has represented  one of the Delaware Valley’s largest construction firms and a chiropractic care center in the negotiation of lease agreements for approximately 5,251 square feet of downtown office space.

Matt Frederick, a principal, and Joe Viturello, a vice present at PernaFrederick, represent-ed the Daniel J. Keating Company in the lease of approximately 3,600 square feet on the second floor of 239-41 N. Broad Street.

Brendan Flynn of The Flynn Company, cooperated with PernaFrederick and represented 239 Broad Street, LLC, the limited liability corporation that owns the building, in finalizing the terms of the lease agreement.

According to Frederick, Daniel J. Keating Company is occupying the space to direct renovation and re-purposing of the Inquirer Building at 400 N. Broad to become the headquarters of the Philadelphia police department.

At 1528 Walnut Street, Viturello represented Stone Bridge Wellness, a non-surgical, all natural chiropractic care center, in the lease of some 1,650 square feet on the 18th floor of the 22-story building.

Scott Lewis, a broker with M.S. Fox Real Estate, cooperated with PernaFrederick and represented 1528 Walnut Limited Partnership, the investment partnership that owns the 218,300 square foot building, in closing the space contract.

According to Viturello, Stone Bridge Wellness will relocate its offices from 1601 Walnut to the new 1528 address in July of this year.

No aggregate rental was disclosed for the lease agreements.

PHILADELPHIA, PA — PernaFrederick Commercial Real Estate has represented two tenants in the negotiation of lease agreements for approximately 6,046 square feet of space that will move a ticket agency and mortgage servicing company to new offices here.

Joe Viturello, a vice president at PernaFrederick represented First Fan Tickets LLC, in the lease of approximately 2,592 square feet on the 3rd floor of 3-7 North Columbus Boulevard.

Brendan Flynn, a broker with The Flynn Company, cooperated with PernaFrederick and represented 5 N. Columbus Boulevard Associates, L.P., the private investment partnership that owns the building, in finalizing the multi-year lease.

According to Viturello, First Fan is presently located at 1341 N. Delaware Avenue and will move to the new Columbus Boulevard building in early June.

At 990 Spring Garden Street, Viturello represented Cross Country Mortgage, a full-service residential lender headquartered in Brecksville, OH, in the lease of some 3,454 square feet of office space on the 3rd floor of the 160,000 square foot building.  That lease will consolidate three Cross Country offices now in the Philadelphia and Sourthern New Jersey area to a central location in the emerging Spring Arts neighborhood.

Mike Anderson and Keith Kiner of PernaFrederick represented SA 990 Spring Garden LP, the building owner, in closing the terms of the lease. The Spring Garden office of Cross Country Mortgage is scheduled to open on or about August 1st, Viturello said.

Cross Country Mortgage has branches in 50 states and is a Freddie Mac, Fannie Mae and Ginnie Mae approved seller/servicer that offers a full portfolio of home purchase, refinance and home equity products.

No aggregate rentals were disclosed for the two lease agreements.

PHILADELPHIA, PA — The brokerage team of Joe Viturello and Mike Anderson at PernaFrederick Commercial Real Estate have represented three tenants in the lease of approximately 10,078 square feet of center city office space here with a combined aggregate rental exceeding $1.1 million.

According to Viturello, the largest of the agreements involves the relocation of The Philadelphia Education Fund to 4,532 square feet at the Cast Iron Building, 717 Arch Street.  The Fund is presently located at the United Way Building, 1709 Ben Franklin Parkway, and will move to the Cast Iron Building in February.

Tom Kramer, a principal of TDK Commercial Advisors, cooperated with PernaFrederick and represented Delancey Arch Associates, the owner of 717 Arch Street, in finalizing the multi-year space contract that has an aggregate rental exceeding $665,000.

At One South Broad Street, Viturello and Anderson represented Magnum Integrated Marketing in the lease of some 3,829 square feet on the 15th floor of the 25-story building.  Magnum is also moving from the United Way Building to the new South Broad Street location.  That relocation is scheduled for January.

Matt Guerrieri, a broker with Newmark Grubb Knight Frank, cooperated with PernaFrederick and represented One Broad LP, the private real estate investment partnership that owns the 25-story, 465,000 square foot structure.

In the last agreement, Viturello was the sole agent who represented Altitude Group, Inc., in the lease of approximately 1,717 square feet at The Philadelphia Building, 1315 Walnut Street.  The lease will commence in February and the space will be the new US office for the firm that is headquartered in Manchester, England.