A trial date has been scheduled in the foreclosure case involving 1700 Market St., an 850,723-square-foot, 32-story office tower that has faced significant financial strain in recent years. The property, owned by San Francisco-based Shorenstein, carries more than $186.7 million in debt tied to a CMBS loan, according to court filings. The case is set to go before the Philadelphia Court of Common Pleas in March.

The pending trial highlights ongoing stress within Philadelphia’s office sector, where tenant downsizing and a flight to newer, higher-quality buildings have left older assets struggling. While the ultimate outcome remains uncertain, the trial date signals movement toward resolution in the coming months.

The loan, originated by Barclays in January 2022 for $188 million, is currently overseen by Berkadia Commercial as master servicer. According to a June receiver’s report, 1700 Market is 74% leased—below the 88% occupancy level under which the loan was underwritten. The property has been on a servicer watch list since April 2023 due to both financial and vacancy concerns.