Item 2. Properties
Item 2. Properties
Overview
As of December 31, 2024, we owned 63 properties that contain an aggregate of approximately 11.9 million net rentable square feet and consist of 59 office properties and four mixed-use properties (collectively, the “Core Properties”). We also own one recently completed not yet stabilized property (collectively, the “Properties”). The properties are located in or near Philadelphia, Pennsylvania; Austin, Texas; Washington, D.C.; Southern New Jersey; and Wilmington, Delaware. As of December 31, 2024, the properties were approximately 87.8% occupied. As of December 31, 2024, we also owned economic interests in ten unconsolidated real estate ventures. We refer to these ventures as “Commerce Square Venture,” “Mid-Atlantic Office Venture,” “MAP Venture,” “Cira Square,” “KB JV,” “One Uptown – Multifamily,” “One Uptown – Office,” “JBG,” “3025 JFK Venture” and “3151 Market Street Venture.” See Note 4 “Investment in Unconsolidated Real Estate Ventures,” to our Consolidated Financial Statements for further information.
Property Statistics
The following table sets forth information with respect to our Core Properties at December 31, 2024:
Net Rentable Square Feet
% Occupied
PHILADELPHIA CENTRAL BUSINESS DISTRICT SEGMENT
Cira Center 730,187 89.1 %
1717 Arch Street 1,029,413 87.7 %
130 North 18th Street 595,041 99.5 %
100 North 18th Street 708,844 96.1 %
1900 Market Street 456,922 94.4 %
3020 Market Street 190,925 94.3 %
3000 Market Street 90,556 100.0 %
618 Market Street (a)
15,878 80.2 %
FMC Tower at Cira Center South (a)
625,863 98.5 %
The Bulletin Building (a)
282,709 95.3 %
2930 Chestnut Street (a)
9,788 100.0 %
PHILADELPHIA CENTRAL BUSINESS DISTRICT SEGMENT SUBTOTAL
4,736,126 93.7 %
PENNSYLVANIA SUBURBS SEGMENT
Six Tower Bridge 116,174 76.2 %
426 West Lancaster Avenue 55,941 100.0 %
640 Freedom Business Center 132,000 99.1 %
620 Freedom Business Center 86,570 98.4 %
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1000 First Avenue 74,139 100.0 %
1060 First Avenue 77,718 100.0 %
630 Freedom Business Center 86,683 100.0 %
1020 First Avenue 74,556 100.0 %
1040 First Avenue 75,488 100.0 %
610 Freedom Business Center 62,991 55.7 %
600 Park Avenue 39,000 100.0 %
933 First Avenue 111,053 100.0 %
500 North Gulph Road 100,820 100.0 %
401 Plymouth Road 204,186 67.1 %
Metroplex I 120,877 90.7 %
150 Radnor Chester Road 340,380 100.0 %
One Radnor Corporate Center 201,874 100.0 %
201 King of Prussia Road 251,434 88.0 %
555 Lancaster Avenue 241,687 92.0 %
Four Radnor Corporate Center 164,464 63.0 %
Five Radnor Corporate Center 164,505 89.4 %
Three Radnor Corporate Center 119,087 65.2 %
Two Radnor Corporate Center 97,576 84.3 %
130 Radnor Chester Road 71,349 100.0 %
170 Radnor Chester Road 68,143 75.0 %
155 King of Prussia Road 144,685 100.0 %
101 West Elm Street 173,827 53.5 %
1 West Elm Street 97,737 100.0 %
PENNSYLVANIA SUBURBS SEGMENT SUBTOTAL
3,554,944 88.2 %
AUSTIN SEGMENT
401-405 Colorado Street 205,803 100.0 %
Broadmoor Austin - Bldg 1 202,850 100.0 %
Broadmoor Austin - Bldg 3 198,306 100.0 %
Broadmoor Austin - Bldg 4 142,386 100.0 %
Broadmoor Austin - Bldg 6 144,249 100.0 %
Four Points Center 3 164,818 100.0 %
Four Barton Skyway 222,580 94.4 %
Four Points Centre 192,396 59.7 %
River Place - Bldg 1 76,529 18.2 %
River Place - Bldg 2 114,491 25.0 %
River Place - Bldg 3 113,465 27.1 %
River Place - Bldg 4 87,639 31.9 %
River Place - Bldg 5 67,601 75.2 %
River Place - Bldg 6 62,038 100.0 %
River Place - Bldg 7 69,119 84.9 %
Quarry Lake II 120,559 36.0 %
AUSTIN SEGMENT SUBTOTAL
2,184,829 77.8 %
OTHER SEGMENT
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6600 Rockledge Drive 160,173 100.0 %
1676 International Drive 299,387 82.0 %
8260 Greensboro Drive 158,961 83.0 %
2340 Dulles Corner Boulevard 268,365 91.8 %
Promenade at Main Street 31,445 56.1 %
Piazza Offices at Main Street 44,708 100.0 %
920 North King Street 203,328 100.0 %
300 Delaware Avenue 298,071 56.6 %
OTHER SEGMENT SUBTOTAL
1,464,438 83.2 %
TOTAL CORE PORTFOLIO
11,940,337.00 87.8 %
(a) These properties are mixed use properties.
The following table shows lease expirations for the Core Properties as of December 31, 2024, during each of the next 10 years and thereafter. This table assumes no exercise of renewal options or termination rights:
Year of Lease Expiration December 31, Rentable Square Feet (in thousands) Final Annualized Base Rent Under Expiring Leases (a) (in thousands) Percentage of Total Final Annualized Base Rent Under Expiring Leases
2025
507 $ 17,245 3.6 %
2026 679 28,935 6.1 %
2027 1,333 54,784 11.5 %
2028 1,238 49,526 10.4 %
2029 1,734 77,909 16.4 %
2030 885 41,762 8.8 %
2031 571 29,141 6.1 %
2032 621 30,835 6.5 %
2033 441 26,576 5.6 %
2034 1,255 67,574 14.2 %
2035 and thereafter 1,218 50,178 10.6 %
10,482 $ 474,465 100 %
(a) Represents the annualized cash rental rate of base rents, including tenant reimbursements, in the final month prior to expiration. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses, and common area maintenance and utility charges.
The following table shows the geographic locations for the Core Properties as of December 31, 2024. For more information about our geographic locations, see Note 18 “Segment Information” to our Consolidated Financial Statements:
Location Number of Properties Net Rentable Square Feet (in thousands) Percentage Leased as of December 31, 2024
Leased Square Feet (in thousands) Total Base Rent (a) (in thousands) Percentage of Base Rent
Philadelphia 11 4,726 95.3 % 4,502 $ 145,621 43.4 %
Pennsylvania Suburbs 28 3,555 90.4 % 3,215 105,824 31.6 %
Austin 16 2,185 77.8 % 1,700 47,561 14.2 %
Other 8 1,464 88.1 % 1,290 36,031 10.8 %
63 11,930 89.7 % 10,707 $ 335,037 100.0 %
(a) Represents base rents earned during the year, including tenant reimbursements, and excludes parking income, tenant inducements, and deferred market rent adjustments.
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The following table shows the major tenants of the Core Properties as of December 31, 2024 and assumes that none of the tenants exercise renewal options or termination rights, if any, at or prior to scheduled expirations:
Tenant Name Annualized Base Rents (a) (in thousands) Percentage of Aggregate Annualized Base Rents
IBM, Inc.
$ 20,630 4.9 %
Spark Therapeutics 18,711 4.4 %
Comcast Corporation 12,462 3.0 %
FMC Corporation 12,034 2.8 %
Troutman Pepper Hamilton Sanders LLP 10,473 2.5 %
Lincoln National Management Co. 10,372 2.5 %
Independence Blue Cross LLC 8,782 2.1 %
The Trustees of the University of Pennsylvania 7,811 1.8 %
CSL Behrinig, LLC 7,605 1.8 %
T-Mobile Northeast, LLC 7,380 1.7 %
Other 305,923 72.5 %
$ 422,183 100.0 %
(a) Represents the annualized base rent, including tenant reimbursements, for each lease in effect at December 31, 2024. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses, and common area maintenance and utility charges.