In 2021, Vert Properties bought and renovated the former Nelson building in Society Hill for about $5.8 million.

After leasing about half the property, the New Jersey-based firm expects it to be 80 percent occupied by the end of the year, writes Paul Schwedelson for the Philadelphia Business Journal.

So far, 15 companies have taken space in the three-story, 30,000-square-foot building with an average of 1,000 square feet per tenant. The building is a hybrid between coworking space and traditional office leases with a minimum length of six months.

Incutate Workplace, the company that operates the coworking spaces, is also owned by Vert Properties.

Frank Lauletta, President of Vert Properties, believes the dual coworking and office spaces is effective given the state of the office market.

“The cheaper you buy it, the lower you can rent it,” Lauletta said. “It helps us better compete against traditional office space.”

The building is located at the former of the first U.S. Secretary of the Treasury Alexander Hamilton. It’s named the Hamilton Collective as a nod to him.

It was previously owned by John Nelson and housed the architectural firm Nelson, before it was relocated to Independence Mall West.

The building’s tenants include several law firms and technology companies.

Read more about Vert Properties and its plans for Society Hill at the Philadelphia Business Journal.

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Editor’s Note: This post first appeared on PHILADELPHIA Today in July 2024.