2022 closes with insurance firm Chubb recommitting to Philadelphia

Chubb recommitted to the Philadelphia Central Business District (CBD) with a pre-lease for 438,000 square feet (sf) at a proposed 550,000-square foot project. The insurance firm will consolidate its city offices to 2000 Arch Street located in the West Market submarket and hire 1,250 new positions. Chubb’s lease resulted in a 59.0% increase in quarter-over-quarter leasing activity for the CBD. Regional leasing activity totaled 5.3 million square feet (msf) for 2022. This was a 9.0% increase compared to 2021’s total transactions (4.9 msf). However, 2022’s activity was almost 30.0% less than the 7.5 msf recorded for 2019. In the suburbs, manufacturer Arkema will consolidate its offices into 145,000 sf at a proposed 150,000-square foot building off King of Prussia Road in the Radnor submarket. Other notable transactions executed during the fourth quarter included Laurell Technologies Corporation’s relocation to 40,400 square feet (sf) at 1400 Pennbrook Parkway in the Lansdale submarket and Lassonde Pappas & Company’s relocation to 35,076 sf at Three Executive Campus in the Camden County submarket.

Read the full report