The office tower at 1700 Market Street is hitting the market as its foreclosure process approaches resolution. The 850,723-square-foot, 32-story Center City property will be marketed and sold by Cushman & Wakefield, which the court appointed as receiver. San Francisco-based Shorenstein owns the building and owes more than $186.7 million on a CMBS loan tied to the asset. With the sale process underway, a change in ownership now appears likely. Both Shorenstein and Cushman & Wakefield declined to comment.

The situation began in January 2022, when Barclays originated a $188 million loan, with Berkadia Commercial acting as master servicer. The loan moved to a CMBS watchlist in early 2023 due to financial and vacancy concerns and later transferred to special servicing in late 2023. After the loan matured in February 2024, Wilmington Trust National Association filed a foreclosure complaint in August 2024, leading the court to appoint Cushman & Wakefield as receiver one month later.