Cushman & Wakefield today announced it has been named the exclusive leasing agent for The Washington, a 20-story, 856,815-square foot historic office tower in downtown Philadelphia’s Independence Mall submarket.
Cushman & Wakefield Executive Director Jack Meyers, Senior Director Dan Brogan and Senior Associate Brian Young will handle the leasing assignment on behalf of Conshohocken, Pa.-based Keystone Property Group, which has owned the property since 2016.
Located at 510-530 Walnut St., adjacent to Washington Square Park and Independence National Historic Park, The Washington features 130,000 square feet of vacant direct space, including 100,000 square feet of contiguous space – complete with its own designated entrance – on the first, mezzanine and second floors. Adding to the appeal of the second floor is its open 40,000-square foot floor plate, which offers design flexibility, abundant natural light and treetop views of the adjacent parks.
“The Washington provides modern work environments in a historic office setting – a combination that distinguishes the property from new construction and appeals to users in search of space with character,” said Rich Gottlieb, president and COO at Keystone Property Group. “It is the only office property in Philadelphia to front two parks, which support corporate wellness initiatives, and larger users have the ability to create their own ‘building within a building’.”
Shared building amenities include a 3,000-square foot fitness center with locker rooms, a tenant-only conference center, on-site daycare via Chesterbrook Academy, a lobby shop and a newsstand.
The Washington is located within the Central Business District, which offers an array of dining and shopping venues as well as renowned cultural institutions. In addition, it offers easy access to public transit and is close to major roadways, including Interstates 76, 95 and 676.
“The Independence Mall submarket is experiencing strong growth, and a number of large companies have recently relocated there from the West Market corridor, including McQuarie Bank, Five Below, Philadelphia Magazine and the American Bible Society,” said Meyers. “Rents are climbing, and there is a limited supply of available space with no new construction planned.”
The Washington is currently 85 percent leased. Notable tenants include Chubb Insurance, BDP International, the Superior Court of Pennsylvania, the American Board of Internal Medicine, Urban Engineers and AKF Group.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com
About Keystone Property Group
Keystone is a vertically integrated commercial real estate development and investment company focused on the creation of office and mixed-use developments that transform buildings and neighborhoods into one-of-a-kind places that foster culture, creativity and personal connection. Headquartered in Conshohocken, Pa., its portfolio of successful projects spans well-located urban and suburban locations including Greater Philadelphia; Miami, Fla.; and New Jersey, and has attracted numerous world-leading companies as tenants.
The company, which also manages a set of real estate investment funds, has been recognized by Inc. 500 magazine, the Entrepreneurs’ Forum and the Wharton Small Business Center, and its projects have earned awards from a variety of industry and media organizations. For more information, please visit www.
