In this newsletter for the month of November 2025, commercial real estate activity is highlighted across New Jersey, Pennsylvania, and New York. New Jersey saw significant news including the redevelopment of the Voorhees Town Center, a Chick-fil-A expansion in Mount Laurel, and plans for TD Bank to close several branches, alongside WCRE closing two large office leases at Fellowship Corporate Center and a medical office sale. Pennsylvania’s market updates focused on major movements like Eli Lilly’s consideration of Philadelphia for a new lab, the $95 million sale of a warehouse in Northeast Philly, and KPMG’s expansion in Center City, complemented by WCRE successfully securing the final retail lease to make Springhouse Plaza fully occupied. Finally, New York City featured construction nearing completion on the new Rolex US headquarters, news of TD Bank closing 52 locations, the securing of a $425 million CMBS loan extension for 32 Avenue of the Americas, and the ongoing “tale of two cities” dynamic in the Manhattan office market.
NEW JERSEY Market Updates
VOORHEES TOWN CENTER REDEVELOPMENT: The Voorhees Township Committee has approved a sweeping redevelopment plan for the former Echelon Mall, now known as Voorhees Town Center.
CHICK-FIL-A EXPANDS AT EAST GATE: A new Chick-fil-A restaurant has been officially proposed for Eastgate Square Shopping Center in Mount Laurel, set to replace an existing location within the same complex.
EVESHAM APPROVES AFFORDABLE HOUSING: A new project, approved in a 9-0 vote, is part of the township’s ongoing redevelopment efforts and contributes to Evesham’s affordable housing requirements.
TRACTOR SUPPLY NEARING COMPLETION: A new Tractor Supply store in Mantua, New Jersey, is nearing completion, with only a few exterior touches remaining — including signage installation and parking lot striping.
TD BANK CLOSING NJ BRANCHES: TD Bank has set plans to close 8 branches in New Jersey as a part of a larger round of nationwide shutdowns planned for early next year.
EDUCATION CENTER FINAL APPROVAL: An Islamic youth education and daycare center on Marlkress Road in Cherry Hill has secured its final zoning approvals.
MLG REALTY EXPANDS RETAIL PORTFOLIO: MLG Realty, based in South Jersey, has expanded its retail portfolio with four new acquisitions totaling $14.3 million.
WCRE Transactions
WCRE COMPLETES TWO OFFICE LEASE TRANSACTIONS IN MOUNT LAUREL: Wolf Commercial Real Estate (WCRE) exclusively represented the Landlord, Nessel Development, in two recent office lease transactions at Fellowship Corporate Center (330 and 350 Fellowship Road, Mount Laurel, New Jersey).
GALENUSCARE leased 18,022 SF at 350 Fellowship Road, bringing the building to 100% occupancy. Channel Partners Capital, LLC signed a 13,067 SF renewal and expansion at 330 Fellowship Road. With these transactions, Fellowship Corporate Center is now 94% occupied. Erin Warwick, Executive Vice President at WCRE, represented the landlord (ND XLI LLC/Nessel Development) in both transactions.
WCRE FACILITATES MEDICAL OFFICE CONDO SALE IN VOORHEES: WCRE announced the successful sale of a +/-1,000 SF medical office condo at The Pavilions of Voorhees, 2301 East Evesham Road, Suite 307. WCRE exclusively represented the Seller, 2310 Evesham Road 307 LLC. The Buyer, Momentum Medicine Plus, LLC, is expanding its practice with this new location. Corey Hassman and Luke Majewski of WCRE represented the Seller.
PENNSYLVANIA Market Updates
LILLY CONSIDERS PHILLY FOR NEW LAB: Eli Lilly and Co. is reportedly exploring Philadelphia as a potential site for one of its Lilly Gateway Labs biotech incubators.
PHILLY LAGS BEHIND MAJOR MARKETS: Philadelphia continues to trail most major U.S. markets in the absorption of large-block office space, with availability declining by only 1.6% from its peak.
SAKS TO CLOSE TWO PHILLY LOCATIONS: Saks Off 5th is preparing to shutter its stores at the Franklin Mall in Philadelphia and the Metroplex Mall in Plymouth Meeting.
LIFE SCIENCES INDUSTY TAKING HITS: The Life Sciences sector has experienced a challenging 2025 marked by federal policy shifts under the Trump administration, proposed cuts, and new tariffs.
NE PHILLY WAREHOUSE TRADES FOR $95M: A newly built warehouse in Northeast Philadelphia sold for $94.5 million, representing one of the region’s largest industrial deals this year.
BIOLYST SCIENTIFIC CLOSING: Biolyst Scientific plans to lay off 76 employees and close its Hatfield facility early next year, as the company will shift its headquarters to Berks County.
JEFFERSON PUTS UP BUILDING FOR SALE: Thomas Jefferson University has put a 10-story Center City building on the market at 919 Walnut Street, totaling about 136,000 square feet, asking $13.5 million.
KPMG EXPANDS PHILLY OFFICE: KPMG will add another full floor at 1735 Market Street as the firm responds to rising client needs and growing in-office activity. Office attendance in Philadelphia has increased 56% since 2023.
WCRE Transactions
WCRE SECURES FINAL LEASE AT SPRINGHOUSE PLAZA, MARKING IT FULLY LEASED: Springhouse Plaza, located at 901 North Bethlehem Pike in Springhouse, Pennsylvania, is now 100% fully leased. WCRE, as the leasing and property management partner, secured the final 2,875 SF retail lease to Golfcraft, LLC for their first-ever location. Andrew Koller, Senior Advisor, represented the Landlord (Han Kyng Chae, Jung Hae Chae Revocable Living Trust).
NEW YORK Market Updates
ROLEX HQ NEARS COMPLETION: Construction is nearing completion on the new 28-story Rolex US headquarters at 665 Fifth Avenue in Midtown, Manhattan.
TD BANK TO CLOSE 52 LOCATIONS: TD Bank is planning a significant reduction of its physical footprint, announcing it will close 51 branches and one remote drive-thru location (totaling 52 sites) by the end of January 2026.
MIDTOWN TOWER HITS OVER 90%: Banks are beginning to hint at a comeback for commercial real estate lending after years of tightening credit and shrinking exposure.
$425 MILLION CMBS LOAN FOR 32 AVENUE: Rudin Management Co. has successfully secured a crucial multi-year extension on its $425M CMBS loan for 32 Avenue of the Americas in Tribeca, Manhattan.
BUSINESSES COMMITTED TO NYC: A recent CNBC article discusses the stark apprehension and mixed reactions from New York City’s real estate CEOs and business leaders following the election of Zohran Mamdani as mayor.
MANHATTAN OFFICE MARKET UPDATES: The Manhattan office market is described as a “tale of two cities,” where the demand for modern, amenity-rich buildings is surging, while older, less desirable buildings struggle
