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Citizens Bank Leases 161,472 SF Downtown

PHILADELPHIA-In the largest new lease deal Downtown this year, encompassing 125,000 sf at the former Strawbridge & Clothier building at 801 Market St. and 36,472 sf at Two Commerce Square, the Providence, RI-based company makes Philadelphia its eastern Pennsylvania headquarters.

By Marita Thomas | Updated on November 20, 2002

PHILADELPHIA-Following its purchase of 345 Mellon Bank branches last year, Providence, RI-based Citizens Financial Corp. forms Citizens Bank of Pennsylvania. With the signing of three separate leases totaling 161,472 sf, it establishes its eastern state headquarters Downtown.

Citizens Bank has signed a 10-year lease for 125,000 sf at 801 Market St. for anoperations center that will house approximately 450 employees. In two additional transactions, it also leases 33,572 sf of office space for its headquarters in Two Commerce Square at 2001 Market St., and another 2,900 sf of retail space in the same building. Both leases are for six years.

Joseph Wolff of the local office of Insignia/ESG tells GlobeSt.com that all three leases have multiple renewal options. Neither Wolff nor any other principals in the negotiations would disclose rental rates on the leases.

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