Posted on August 24, 2026
PhilaPort is packing up its Port Richmond offices and heading south.
Its recently announced move to the Navy Yard is the centerpiece of a $22.6 million real estate deal designed to consolidate the agency’s operations into one sprawling maritime hub, writes Ryan Mulligan for the Philadelphia Business Journal.
The Philadelphia Regional Port Authority’s board gave unanimous approval to acquire 5101 S. Broad St. and 5115R S. Broad St.
The more than five acres of riverfront property along the Delaware, complete with three existing commercial buildings, is where the agency plans to build out its new headquarters and a broader maritime campus.
It’s a strategic bet as much as a real estate transaction.
PhilaPort CEO Richard Lazer framed the acquisition as room to grow.
The space, he said, will let the agency “expand our reach, attract new business, and create more good-paying jobs.”
The location also puts PhilaPort right next door to two of its busiest South Philadelphia assets — the Packer Avenue Marine Terminal and Mustin Yard — tightening the geographic footprint of its day-to-day operations.
For Chairman Michael Pearson, the pull of the Navy Yard comes down to momentum.
“This is where the action is,” he said, pointing to the wave of development taking shape south of the Walt Whitman Bridge. “Hence having a headquarters at this epicenter of economic development for the commonwealth makes better sense for what we do.”
