Item 2. Properties
Item 2. Properties
Overview
As of December 31, 2025, we owned 60 properties that contain an aggregate of approximately 11.3 million net rentable square feet and consist of 56 office properties and four mixed-use properties (collectively, the “Core Properties”). We also own two recently completed not yet stabilized properties and three properties in development/redevelopment (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, 2025, the Core Properties were approximately 88.3% occupied. As of December 31, 2025, we also owned economic interests in seven unconsolidated real estate ventures. We refer to these ventures as “Commerce Square Venture,” “Mid-Atlantic Office Venture,” “Cira Square,” “One Uptown – Multifamily,” “One Uptown – Office” and “JBG.” 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, 2025:
Net Rentable Square Feet % Occupied
PHILADELPHIA CENTRAL BUSINESS DISTRICT SEGMENT
Cira Center 730,187 94.2 %
1717 Arch Street 1,029,413 93.2 %
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130 North 18th Street 595,041 90.0 %
100 North 18th Street 708,844 97.3 %
1900 Market Street 456,922 94.4 %
3020 Market Street 190,925 89.2 %
3000 Market Street 90,556 100.0 %
618 Market Street (a)
15,878 74.6 %
FMC Tower at Cira Center South (a)
625,863 98.2 %
The Bulletin Building (a)
282,709 100.0 %
2930 Chestnut Street (a)
9,788 100.0 %
PHILADELPHIA CENTRAL BUSINESS DISTRICT SEGMENT SUBTOTAL
4,736,126 94.7 %
PENNSYLVANIA SUBURBS SEGMENT
Six Tower Bridge 116,174 41.6 %
426 West Lancaster Avenue 55,941 100.0 %
640 Freedom Business Center 132,000 89.5 %
620 Freedom Business Center 86,570 100.0 %
1000 First Avenue 74,139 94.5 %
1060 First Avenue 77,718 100.0 %
630 Freedom Business Center 86,683 93.6 %
1020 First Avenue 74,556 100.0 %
1040 First Avenue 75,488 100.0 %
610 Freedom Business Center 62,991 57.1 %
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 64.0 %
Metroplex I 120,877 95.7 %
150 Radnor Chester Road 340,380 100.0 %
One Radnor Corporate Center 201,874 100.0 %
201 King of Prussia Road 251,434 95.2 %
555 Lancaster Avenue 241,687 96.2 %
Four Radnor Corporate Center 164,464 60.0 %
Five Radnor Corporate Center 164,505 80.3 %
Three Radnor Corporate Center 119,087 54.2 %
Two Radnor Corporate Center 97,576 86.3 %
130 Radnor Chester Road 71,349 100.0 %
170 Radnor Chester Road 68,143 100.0 %
155 King of Prussia Road 144,685 100.0 %
101 West Elm Street 173,827 67.2 %
1 West Elm Street 97,737 100.0 %
PENNSYLVANIA SUBURBS SEGMENT SUBTOTAL
3,554,944 87.6 %
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 Points Centre 192,396 20.7 %
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River Place - Bldg 1 76,529 28.3 %
River Place - Bldg 2 114,491 26.9 %
River Place - Bldg 3 113,465 27.1 %
River Place - Bldg 4 87,639 10.0 %
River Place - Bldg 5 67,601 75.2 %
River Place - Bldg 6 62,038 100.0 %
River Place - Bldg 7 69,119 84.9 %
AUSTIN SEGMENT SUBTOTAL
1,841,690 73.9 %
OTHER SEGMENT
6600 Rockledge Drive 160,173 100.0 %
1676 International Drive 299,387 74.0 %
8260 Greensboro Drive 158,961 80.8 %
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 %
OTHER SEGMENT SUBTOTAL
1,166,367 87.6 %
TOTAL CORE PORTFOLIO
11,299,127 88.3 %
(a) These properties are mixed use properties
The following table shows lease expirations for the Core Properties as of December 31, 2025, 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
2026
589 $ 25,136 5.5 %
2027 1,228 48,067 10.4 %
2028 1,130 45,756 9.9 %
2029 1,770 80,071 17.4 %
2030 879 39,410 8.6 %
2031 646 33,400 7.2 %
2032 610 32,220 7.0 %
2033 494 29,831 6.5 %
2034 1,251 68,314 14.8 %
2035 293 13,006 2.8 %
2036 and thereafter 1,081 45,580 9.9 %
9,971 $ 460,791 100 %
(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.
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The following table shows the geographic locations for the Core Properties as of December 31, 2025. 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, 2025
Leased Square Feet (in thousands) Total Base Rent (a) (in thousands) Percentage of Base Rent
Philadelphia 11 4,726 96.9 % 4,580 $ 146,455 43.8 %
Pennsylvania Suburbs 28 3,555 89.0 % 3,165 113,522 34.0 %
Austin 14 1,842 73.9 % 1,362 38,162 11.4 %
Other 7 1,166 92.6 % 1,080 35,977 10.8 %
60 11,289 90.2 % 10,187 $ 334,116 100.0 %
(a) Represents base rents earned during the year, including tenant reimbursements, and excludes parking income, tenant inducements, and deferred market rent adjustments.
The following table shows the major tenants of the Core Properties as of December 31, 2025 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. $ 20,825 5.2 %
Spark Therapeutics, Inc. 18,864 4.7 %
Comcast Corporation 12,687 3.2 %
FMC Corporation 12,149 3.0 %
Troutman Pepper Locke LLP 10,722 2.7 %
Lincoln National Management Co. 10,597 2.6 %
Independence Blue Cross, LLC 9,172 2.3 %
The Trustees of the University of Pennsylvania 8,139 2.0 %
CSL Behring, LLC 7,841 2.0 %
T-Mobile Northeast LLC 7,447 1.9 %
Other 282,097 70.4 %
$ 400,540 100.0 %
(a) Represents the annualized base rent, including tenant reimbursements, for each lease in effect at December 31, 2025. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses, and common area maintenance and utility charges.