A 553,000-square-foot office building at 1650 Arch Street in Philadelphia’s central business district has entered receivership amid foreclosure proceedings, marking another sign of distress in the city’s office market.
The property, currently about half vacant, is facing heightened financial pressure as its lender, an affiliate of Wilmington-based Delphi Financial Group, filed a foreclosure complaint in mid-June against owner ASI Management in the Philadelphia Court of Common Pleas.
According to the filing, ASI Management owes $46.9 million on the loan tied to the property. Delphi originally provided a $75.8 million loan to ASI Management in 2018. ACORE Capital Mortgage is also listed in the case as Delphi’s administrative agent for the loan.
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