The Federal Reserve Bank of Philadelphia Inks Lease Renewal

10 North Independence Mall West. Image courtesy of CommercialEdge

The Federal Reserve Bank of Philadelphia has signed a 55,000-square-foot lease renewal at 10 North Independence Mall West, a 775,000-square-foot Class A office building in Philadelphia. Architecture, engineering and interior design firm EwingCole will continue to operate its headquarters at the property. Newmark Executive Managing Director Jeffrey Tertel worked on behalf of the landlord.

Also known as the Federal Reserve Building, the eight-story property features eight passenger elevators, 75,000-square-foot floor plates, an outdoor dining area, building security, a conference room with 180 seats, a fitness center and covered parking.

Newmark’s Tertel and Executive Managing Director James Egan are the appointed leasing brokers in charge of the asset, CommercialEdge data shows. According to the same source, other tenants present at the property include law firm Mattioni and Healthcare Receivable Specialists.

The mid-rise tower is situated on an approximately 3-acre lot, close to interstates 95, 676 and 76, as well as multiple bus and subway stations. Located across National Constitution Center and close to Benjamin Franklin Bridge, the property is 4 miles from Camden, N.J., 10 miles from Philadelphia International Airport and within 30 miles of Wilmington, Del.

Recent office deals in Philadelphia

As of January, the market’s office vacancy rate reached 14.1 percent, below the national average of 16.6 percent, according to a recent CommercialEdge report. Year-over-year, Philadelphia’s office vacancy decreased by 40 basis points.

In December 2022, Keystone signed a 50,850-square-foot lease at 1K1, an 11-story office building in Conshohocken, Pa. The new tenant, a management consulting company, plans to move in at the suburban Class A location in the third quarter of 2023. Later that month, a partnership between Chubb and Parkway Corp. announced plans to develop a $430 million office tower in Philadelphia, with planned completion in early 2026. Insurance company Chubb will anchor the property.