The portfolio could yield market-rate rent appreciation and value-add opportunities through modest-to-extensive capital improvements, says Gebroe-Hammer's Nicolaou.

The Drexel Properties are comprised of four courtyard-style buildings and include popular local retail services such as a hairdresser, grocery store and other retailers.

“This property represents a prime value add investment opportunity," says Gary Rose of Clear Height Properties.

In the largest of the agreements, Ameribest expanded its existing offices with the lease of another 6,924 square feet on the second floor of 990 Spring Garden.

Investors Bank's largest single CRE loan, which was completed at the end of 2018, was a $42 million transaction to refinance the commercial mortgages on 27 retail properties in multiple locations.

Pembrook Capital's Stuart Boesky says he's bullish on Philadelphia's multifamily market and this transaction is an investment into a neighborhood that is in the process of rapid revitalization.

“Rittenhouse Square is an ideal place for Spaces to open their second Philadelphia location,” says CBRE's Stephen Kriz. “Their unique coworking environment provides a strong collaborative workplace for the many entrepreneurs and corporate users in Center City.”

With David Violette's arrival, Lee & Associates New Jersey now manages more than 11 million square feet of New Jersey and Pennsylvania property.