A home equity lending firm is relocating from two offices in the Philly suburbs to a high-rise tower in the heart of the city.
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Spring EQ signed a 27K SF lease for the full seventh floor at Brandywine Realty Trust's Cira Centre building at 2929 Arch St., CEO Joe Steffa told the Philadelphia Business Journal.
The 10-year-old company originally occupied half of the fifth floor at Cira Centre before going fully remote during the pandemic. When it brought employees back in 2022, it opted for suburban offices instead.
Cerberus Capital Management acquired Spring EQ in 2023.
Steffa told the PBJ that he decided to return to Cira Centre to bring its sales, operations and technology personnel under one roof. The company is moving 150 people from 1 W. Elm St. in Conshohocken and 100 more from 300 Fellowship Road in Mount Laurel.
The 29-story Cira Centre tower sits next to Amtrak's 30th Street Station. The glass-clad building was designed by Cesar Pelli, and Brandywine completed its construction in 2005.
The 730K SF building has 115K SF of office space available — roughly 16% — according to Brandywine's website.
Cira Centre sits on the edge of the University City submarket, which has been gaining momentum in recent months. Its office availability rate fell from 22.3% in Q2 to 19.5% last quarter, according to Savills, while East Market and West Market had vacancy rise to 21.3% and 24.3%, respectively, over that span.
University City's recent activity has been headlined by clothing retailer Burlington, which is relocating its headquarters to the building at 3151 Market St., which it acquired last month for $240M. The submarket has also landed leases with Monell Chemical Senses Center and Nasdaq.
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