Alterra Property Group’s deal to buy the office building at 1701 Market St. from LXP Industrial Trust, with plans to convert it into apartments, has fallen through.

Philadelphia-based Alterra went under contract on the Center City property in the fall, Alterra Managing Partner Leo Addimando said. The company terminated the contract three weeks ago, said Addimando, citing rising development costs. 

The 305,170-square-foot, 18-story building has been the longtime Morgan Lewis & Bockius headquarters. The law firm is vacating the entire property and moving to a new 19-story building at 2222 Market St. in late summer or fall.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.