The 37-story office tower at 1818 Market Street has entered receivership more than a year after its loan matured, adding to the growing roster of financially distressed properties in Philadelphia’s central business district.
Court filings show owner Shorenstein Properties is in default on a $239.5 million commercial mortgage-backed securities (CMBS) loan tied to the nearly 1 million-square-foot building, located at 19th and Market streets.
On August 1, the Philadelphia Court of Common Pleas appointed Hilco Real Estate’s Matthew Mason as receiver for the property, marking another high-profile setback for Center City’s office market.
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