Centre Square loses two law firm tenants

Leasing activity totaled just over 1.8 million square feet (msf) at mid-year 2024, slightly higher than transactional activity recorded at mid-year 2023 (just under 1.8 msf). During the second quarter, two law firms cemented plans to relocate out of the financially troubled Centre Square in West Market. Saul Ewing will downsize from 111,000 square feet (sf) to 53,334 sf at 1735 Market Street, while Dilworth Paxson will leave 71,693 sf for 48,000 sf at One Liberty Place. Other transactions executed during the second quarter included David's Bridal's relocation to 59,000 sf at 630 Allendale Road in King of Prussia and Ballinger's lease of 46,500 sf at 1650 Arch Street in West Market. We continue to see the trend of tenants relocating to properties with premium locations and prime amenities. In addition, the persistence of hybrid work has certain tenants focused on space optimization.

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