DOGE is ending lease for Philadelphia SEC office amid nationwide cuts

The Trump administration plans to terminate the lease for the U.S. Securities and Exchange Commission office in Philadelphia as part of an ongoing campaign to downsize the federal government, according to federal records and news reports.

Reuters first reported an internal memo sent to SEC employees on Monday, which stated that the regional office building in Center City will be shuttered this year alongside the commission’s regional office in Los Angeles.

A spokesperson for the SEC declined to comment Tuesday on what the news bodes for the commission’s roughly 150 employees in the Philadelphia region. According to the memo, the lease cancellations would not coincide with layoffs.

The news comes amid a federal downsizing effort led by Trump adviser Elon Musk and his Department of Government Efficiency, or DOGE.

DOGE last month launched what it described a reformist campaign to cut costs across the federal government. The Musk-led office has been updating an online “Wall of Receipts” that identifies thousands of federal contracts, grants, and ground leases that have been terminated in recent weeks.

The list flagged two dozen federal building leases for cancellation in Pennsylvania and 14 in New Jersey. Six of those are in Philadelphia, including the SEC’s 44,765-square-foot regional office in One Penn Center.

A lease database from General Services Administration shows the SEC has rented an office of that size at 1617 John F. Kennedy Blvd. for over $1 million annually. The current lease dates to 2014. It is not unusual for commercial tenants to sign 10-year contracts in Philadelphia office buildings.

Thousands of federal jobs have been eliminated as a result of Musk’s recommendations. Impacted employees in Philadelphia so far include Internal Revenue Service workers at the agency’s Market Street office.

The commission expects to vacate its Philadelphia office building by August, according to the memo, and the agency would work with the General Services Administration to identity new office space. The commission intends to seek remote work for employees in the event that the commission does not find another office by that time.

The loss of federal office contracts could deal another blow to Center City’s struggling commercial real estate market, where new tenants are rare and some high-rises still contend with staggering vacancy levels as tenants seek to downsize their office footprint in the hybrid work era.

The building management company for One Penn Center, located above Suburban Station, did not respond to a request for comment.

U.S. Rep. Dwight Evans, whose district includes the building in question, said his office sought answers but noted that DOGE has not responded to Democratic congressional inquiries.

Sitting in his Washington office on Tuesday, the Philadelphia Democrat called the DOGE cuts “arbitrary” and questioned Musk’s decision-making process.

“Last time I checked, he’s just a volunteer, too,” Evans added. “People want someone who’s open and transparent, and I don’t think he’s been open and transparent.”

U.S. Rep. Brendan Boyle, a Democrat whose Philadelphia district borders the Center City office, said he was “deeply concerned” about news of the lease termination.

“Once again, Donald Trump and Elon Musk are attacking Philadelphia jobs and our local economy,” he said in a statement. “I’m deeply concerned that this reckless move will cost good-paying local jobs — jobs that protect our communities from fraudulent actors and the greed of big banks.”

Among the other Philadelphia leases flagged by DOGE for cancellation are a 42,995-square-foot office space leased by the U.S. Department of Education. Records show that office is in the Wanamaker Building, which is largely vacant and in foreclosure.

Staff data reporter Chris Williams contributed reporting.