Philly Radio: 'For Rent' Sign Posted At Audacy

Audacy is streamlining its corporate presence in Philadelphia by subleasing a significant portion of its headquarters at 2400 Market Street, a modern office building in the city’s downtown area along the Schuylkill River. 

2400 Market Street, Philadelphia

The company moved to this location in 2019, relocating approximately six miles from its previous base in Bala Cynwyd, a suburban area in Montgomery County, Pennsylvania. The decision to downsize its office footprint reflects broader shifts in workplace dynamics, including the adoption of hybrid work models and a strategic realignment of executive operations.

According to a prior Securities and Exchange Commission (SEC) filing, Audacy’s principal executive office occupies 67,031 square feet on the fourth floor of the 2400 Market Street building, with approximately half of that space dedicated to executive offices and administrative functions. 

A recent commercial real estate listing now advertises 26,457 square feet of this office space for sublease, with the lease term extending through July 31, 2034, matching the expiration date of Audacy’s original lease. This indicates that Audacy is looking to offload roughly 40% of its current office space in the building, significantly reducing its corporate footprint in Philadelphia.

The subleasing plan will not affect Audacy’s Philadelphia-based radio stations, such as KYW Newsradio, 94 WIP SportsRadio, or their associated studio spaces, which remain integral to the company’s operations in the region. Instead, the reduction targets excess office space no longer deemed necessary for executive and administrative purposes. 

An Audacy spokesperson, speaking to Radio Ink, emphasized that “Philadelphia remains an important part of Audacy,” but the company is adapting its office needs to accommodate teams increasingly working on hybrid schedules, blending in-person and remote work.  This shift aligns with broader industry trends, as many companies reevaluate real estate needs in response to post-pandemic workplace changes.

The decision also reflects a geographic shift in Audacy’s leadership. Several of the company’s top executives, including those overseeing strategic and operational functions, are now based closer to New York City, a major hub for media and entertainment. This reduces the need for extensive office space in Philadelphia, allowing Audacy to optimize its resources and potentially cut costs associated with maintaining a large corporate headquarters.

The 2400 Market Street building, a prominent mixed-use property in Philadelphia’s Center City, is co-owned by PMC Property Group and The Lubert-Adler Real Estate Funds. In addition to Audacy, the building serves as the global headquarters for Aramark, a multinational food service and facilities management company. Its prime location, offering views of the Schuylkill River and proximity to key downtown amenities, makes it an attractive site for potential subtenants. 

However, the rental price for the 26,457 square feet of available space has not been publicly disclosed, and details about prospective subtenants remain unavailable.