Leading financial, legal and consulting firms will occupy 75,000 square feet at iconic office tower in Philadelphia Companies complete renovation of Market Street entrance and lobby
Silverstein Properties, a national real estate investment, development and management firm, and Arden Group, a vertically integrated real estate investment management firm, today announced five new lease signings at 1735 Market Street totaling more than 75,000 square feet. The five leases bring the building to 90% occupancy. They include:
- UBS Financial Services, Inc., a multinational investment bank and financial services company founded and based in Switzerland, 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, a bank holding company specializing in credit cards, auto loans, banking, and savings accounts, signed a 9-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 leading labor and employment law firm, renewed its lease for 15,204 square feet on the 30th floor.
- Rowe Price Group, Inc., a publicly-owned global investment management firm, 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 premier 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 Street 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 the crown jewel of the Philadelphia Central Business District, and one of the premier office buildings in the United States. Tenants include Akin Gump, Ballard Spahr, Boston Consulting Group, BNY Mellon, Brandywine Global, Fidelity, Goldman Sachs, and Willis Towers Watson.The building is widely recognized for its trademark pyramid crowned top and timeless 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-era protocol the developer chose to make permanent.
Across Silverstein Properties’ portfolio, tenants now have access to a new hospitality program, INSPIRE, offering premier hotel-quality amenities, community events, fitness classes, and access to every amenity space and flexible co-working space in the Silverstein portfolio, allowing customers to choose the best work environment for their needs. Last year, Silverstein and Arden hired a hospitality ambassador forthe Lounge @ 1735 Market, a tenant-only amenity floor that offers a blend of shared workspace, conference rooms, lounge space, entertainment areas and outdoor space.
Jeremy 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.
For more information on 1735 Market Street and to inquire about leasing opportunities, please visit 1735marketstreet.com.
About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), Four Seasons Walt Disney Resort (2014), the Four Seasons Downtown (2016), One West End (2017) and 3 World Trade Center (2018). For further information on Silverstein Properties, please visit http://www.silversteinproperties.com.
About Arden Group
Arden Group is a privately held, vertically integrated real estate company and private fund manager focused on acquiring, developing, and managing industrial, hotels, office, multi-family and student housing real estate assets in the top 25 U.S. MSAs and dynamic growth markets. Founded in 1989, Arden has acquired $7 billion of properties and asset managed $12 billion of commercial real estate assets. Arden Group is headquartered in Philadelphia, with 10 offices including New York, Boston, Tampa, Miami, Dallas, and Newport Beach. Arden’s fund management platform has been consistently ranked globally as a top performing Private Real Estate Fund Manager by both Cambridge Associates and Preqin including Preqin’s #1 global ranking in 2017, 2018 and 2019. For more information, visit www.ardengroup.com.
