Three years after buying and renovating the former Nelson building in Society Hill, Vert Properties has leased half of the property and expects it to be 80% occupied by the end of the year. Fifteen companies have moved into the three-story, 30,000-square-foot building at 222-230 Walnut St., with an average of 1,000 square feet per tenant. The style is a hybrid between coworking space and traditional office leases with a minimum length of six months. Vert bought the building in 2021 for $4.8 million and put $1 million into renovations. Vert also owns Incutate Workplace, the company that operates the coworking spaces. “We’re selling the ability to walk in, plug your laptop in and start working,” said Vert president Frank Lauletta, “versus a traditional office where you walk in, you’re sitting there with some boxes on a floor on top of carpet and now you’re figuring out utilities and internet and you've got to get your IT guy there and space designers and printer…” In addition to renting to businesses, individuals can secure a single desk for a minimum of one month.
Source: Philadelphia Business Journal; 6/26/2024