215.568.8000
Services

Finding an Office Sublease: 7/7/2021- By: M S Fox Real Estate Group

Once you understand the value of a Sublease and you are willing to accept the constraints associated with the sublease, how do you find the right sublease that provides your firm with the benefits that can be had? Namely Price and Enhanced Improvements.  At any given point in time, the market is filled with offerings of subleases in the market. However, most of these advertised subleases are not real.

Why?

  1. Often times Tenants advertise space available as a Sublease, however that space is occupied and not available unless the Tenant secures a subtenant willing to pay the same rent the Tenant is paying to the Landlord and  the underlying Tenant secures replacement space satisfactory to the Tenant. You can imagine the waste of time getting involved with a transaction with those unknowns.
  2. Tenants can be in default of their lease as a result of non- payment of rent. Landlords will not provide consent to a Subtenant under this scenario.
  3. The Tenant is not financially strong enough to pay the Landlord the delta cost in the event he accepts your below market offer.
  4. The Lease has termination rights that are not disclosed in the advertised offering. One could begin negotiations on a 4 year sublease term, and find out the Tenant has a termination right 2 years into your 4 year sublease.
  5. The Sublease term being offered has less than a year left on the term.

What should you do?

Hire a broker that understands how to find and negotiate a below market deal. Call Mike Fox at 215-568-8000

News-Development

Philadelphia’s Renewable Energy Initiative – Changes to be Made for Center City Real Estate

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Cities and their mayors are starting to be more environmentally conscious; amongst this trend is The City of Philadelphia with the support of Mayor Jim Kenney. This commitment to renewable energy sources is especially notable as it emerges in the midst of the White House’s action to withdraw from the Paris Climate Agreement.

The City of Philadelphia has announced, with the guidance of Mayor Kenney, a pledge to convert to 100 percent renewable energy by 2035. Philadelphia joins major cities such as New York, Chicago, & Los Angeles in moving forward to fight climate change. A majority share of the carbon pollution in the city comes from buildings and industry. This would be a great opportunity for businesses to show their corporate social responsibility, by looking into ways that their office spaces could reduce the amount of energy used or transition over to a clean energy source.

The opportunity is now for buildings to buy into the clean energy movement. Renewable Energy has normally been seen as expensive to install and not cost effective to operate. The script has flipped, prices of renewable energy technologies is falling rapidly, making the transition actually less expensive and more attractive. Solar, wind, and hydro power has surfaced as a cost-competitive and viable alternative. At this point in time it would make sense for building owners to look into the transition in order not to be left behind in the new wave of energy use.

Romero, M. (2017, June 21). Philly commits to 100 percent renewable energy plan. Retrieved June 28, 2017, from https://philly.curbed.com/2017/6/21/15846138/paris-agreement-philadelphia-climate-change-renewable-energy-clean-power

 

Property

Philadelphia Business Journal Feature: Cool Offices at 417 N. 8th Street

M.S.Fox Real Estate is pleased to announce that our client, Penn Lighting Associates, was recently featured in the Philadelphia Business Journal thanks to their state-of-the-art facility on the 3rd Floor of our exclusive listing, 417 N. 8th Street. Penn Lighting Associates represents the leading commercial and residential lighting manufacturers. As the President of Penn Lighting Associates told the Business Journal, the special lighting fixtures throughout their offices at 417 N. 8th Street create a vibrant energy in the space and a truly remarkable experience for Penn Lighting Associates’ clients. Brett Fox had the pleasure of representing the Tenant, Penn Lighting Associates and Tony Falcone represented the Landlord, 417 N. 8th Street Associates. To check out Penn Lighting Associates, click on the images below. To check out the Philadelphia Business Journal article, click here.

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Building Sales, Property, Services

Notable 2015 Real Estate Transactions Consummated by M.S. Fox Real Estate Group In Philadelphia

3800 Horizon Boulevard

  • Banks Apothecary- An independent accredited Specialty Pharmacy.
  • Address: 3800 Horizon Blvd. Trevose, PA
  • Transaction: Leased 4,700 RSF for 7 years
  • Michael Fox

 

Mount Sinai

  • Mount Sinai : Hospital Address: 400 Reed Street
  • Tranaction: Sold 300,000 RSF
  • Value: $6m
  • Anthony Falcone

 

 417front2

  • Penn Lighting- Manufacturer rep for commercial and residential lighting
  • Address: 417 North 8th Street
  • Transaction: Leased 10,800 RSF for 7 years
  • Brett Fox, Michael Fox, Anthony Falcone

 

medartsnewfrontview

  • Rescue Spa- Premier luxury day spa
  • Address: Medical Arts located at 1601 Walnut Street 
  • Transaction: Expanded to 7,873 RSF for 10 years 
  • Scott Lewis

 

2913 Kensington Ave

  • Prevention Point - Multi-service public health organization
  • Address: 2913-15 Kensington Avenue
  • Transaction: Leased 23,000 RSF for 10 years
  • Karl Schwemlein
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  • IntegriChain- Technology company offering the leading cloud platform used by healthcare suppliers
  • Address: 8 Penn Center, 1628 John F. Kennedy Boulevard
  • Transaction: Expanded to 10,500 RSF
  • Michael Fox

 

 

Property, Services

Ground Floor Suite Available for lease at 417 North 8th Street Under Construction

 

N 8th St - Exterior, 08.07.2015

N 8th St - Interior, 08.07.2015

 

 

 

 

 

 

The ground floor space at 417 N 8th street, once occupied by shampoo nightclub, is under construction to be converted into 13,500sf of creative office space. Ownership is also investing in other capital improvement including new lobby renovations and improvement to the exterior entrance of the building. This particular space is a bi level suite with it own private entrance. The open floor plan will showcase the buildings architecturally unique features. Some of these features include:

  • 13,527 SF Available For Lease
  • Self Contained Bi-Level Suite
  • Private Glass Entrance
  • Prominent Exposure & Presence
  • On-Site Parking
  • New Windows with Abundant Light
  • Exposed Brick, Timber Columns & Ceiling
  • New Lobby with Eco-Plant Wall
  • Bike & Pet Friendly
  • $20.00 Square Foot

For Lease Inquires : Please Contact

Tony Falcone or Brett Fox at 215-568-8000

Services

Karl Schwemlein Awarded 2014 Broker of the Year, Center City Philadelphia

Karl AwardM.S. Fox Real Estate Group is Pleased to announce that Karl Schwemlein has been awarded the Center City Philadelphia 2014 Broker of the Year for his outstanding performance & Deal Making! A few of his recently completed lease transactions are featured below

23,000 SF medical treatment facility on Kensington Avenue

9,772 SF New River Health & Wellness Lease at 1 Brown Street, Philadelphia

4,800 SF Dental Solutions lease at Central Square Shopping Center in NorthEast Philadelphia

5,151 SF renewal and expansion – Nutche Chiropractic at 1608 Walnut Street

Services

2014 Costar Power Broker Awarded to Michael Fox : Office Space Leasing in Philadelphia

2014_PB_TopBroker_logo_finalM.S. Fox Real Estate Group is pleased to announce that President Michael S. Fox has been named a 2014 CoStar Power Broker TM by CoStar Group, Inc. , the leading provider of commercial real estate information, analytics and online marketplaces. This annual industry award recognizes distinguished professionals in commercial real estate brokerage by highlighting the achievements of the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2014 within their respective markets.
Michael Fox qualified as one of the top commercial brokers in Center City, Philadelphia based on the total leasing transactions he closed during the year 2014.

Services

November 2014: Recent Lease Transactions Consummated by M.S. Fox Real Estate Group Inc.

M.S. Fox Real Estate Group, Inc. is pleased to announce the following Lease Transactions totaling over 32,000 square feet:

601 Davisville Road Y2K9First Transaction, the Tenant, Y2K9, leased +/-15,000 square feet for a 10 year term at 601 Davisville Rd. Willow Grove, PA. Y2K9 is a dog training organization that offers a wide curriculum of training classes; including obedience, agility, and freestyle dance. Michael Fox of M.S. Fox Real Estate Group represented the Tenant. Arlington Group represented the Landlord, Premier Office Solutions.

509-15 OldYorkRdSecond Transaction, the Tenant, Barry Levin DMD, leased 4,000 square feet for a 13 year term at 509-15 Old York Road Jenkintown, PA. Barry Levin DMD is a periodontist who specializes in dental implants. Michael Fox and Brett Fox represented the Tenant Barry Levin DMD. Abrams Real Estate and Development represented the Owner.

 Third Transaction, the Tenant, New River Health & Wellness, signed a 10 year lease for 9,722 SF on the ground floor of The Penthouses at 1 Brown Street Philadelphia, PA. New River Health & Wellness is a medical complex dedicated to rehabilitation and fitness. Karl Schwemlein of M.S. Fox Real Estate Group represented the Tenant.

2300 ChestnutFourth Transaction, the Tenant, Crossfit Rittenhouse, leased +/- 5,000 square feet for a 7 year term at 2300 Chestnut Street Philadelphia, PA. Cossfit Rittenhouse is Philadelphia’s elite fitness center, offering custom designed training to meet the individual goals of their members. Brett Fox of M.S. Fox Real Estate Group represented the Tenant.

 

Services

Lease Transaction at 2 Bala Plaza, Bala Cynwyd, PA 19004

LearnquestMichael Fox of M.S. Fox Real Estate Group Inc. is pleased to have represented Learnquest in the relocation of their corporate office to 2 Bala Plaza in Bala Cynwyd Pennsylvania for a 5 year lease term. Learnquest is an international corporation that provides education solutions to a multitude of different corporations. These education solutions enable corporations to train their staff on the latest business skills, information & technology. Recently Learnquest became a premier business partner with IBM. Becky Talbot and Janet Guilianni of Tishman Speyer Properties represented the landlord Bala Plaza Property Inc.