Wells Fargo consolidates and expands at two locations

Third quarter leasing activity totaled 1.2 million square feet (ms) for the entire Philadelphia metropolitan area. This was an uptick of 14.6% from the second quarter. The Philadelphia Business District (CBD) accounted for 536,025 sf of total transactions. Overall, 76.0% of regional leasing activity occurred at Class A assets; continuing the "flight to quality" trend by tenants. During the third quarter, Wells Fargo consolidated into two locations within West Market. The bank leased 50,144 sf at One Commerce Square and expanded by an additional 51,262 sf at Two Logan Square. KPMG announced that it is relocating from 134,000 sf at 1601 Market Street to 97,000 sf at 1735 Market Street.

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