Law firms make up half of mid-year’s top deals
Law firms were responsible for half of the top 20 transactions executed in the Philadelphia market in the first half of the year. Hogan Lovells restructured its 34,752-square-foot (sf) lease at 1735 Market Street while Kirkland & Ellis entered the Philadelphia market with a 29,233-sf lease at One Commerce Square. Maron Marvel relocated within Three Logan Square to 21,666 sf to accommodate its growing practice. However, the largest transaction executed during Q2 2025 was by Power Home Remodeling which renewed and expanded to a total of 250,000 sf at 2501 Seaport Drive. The second quarter of 2025 recorded over 1.0 million square feet (msf) of leasing activity for the second consecutive quarter. While the amount of square footage signed in Q1 was slightly less than the previous quarter, the number of transactions was up by 42.0% highlighting continued momentum in the market.