Developers Dean Adler and PMC Property Group are seeking to terminate their $70 million agreement to acquire Philadelphia’s Centre Square.

Developers Dean Adler and PMC Property Group are seeking to terminate their agreement to acquire Centre Square in Philadelphia.

The developers previously agreed to purchase the landmark office complex for $70 million. If approved, ending the agreement could allow both parties to renegotiate the transaction.

The request comes after competing buyers exited the sale process. Consequently, Adler and PMC remain the only active bidders for the property.

New York-based CSC Coliving previously submitted an $80 million offer. However, the company later withdrew from the bidding process before making a deposit.

Meanwhile, Universal Group Co. also pursued the property. Nevertheless, court-appointed receiver CBRE did not accept the company’s proposal.

Adler and PMC have informed CBRE that they want to terminate the purchase agreement. The developers have had the property under contract for several months.

The partnership has already deposited $5 million toward the acquisition. Even so, CBRE argues the buyers have no legal or factual basis to cancel the agreement.

Centre Square spans approximately 1.76 million square feet across two office towers. The property occupies a prominent location directly across from Philadelphia City Hall.

The foreclosure case continues in the U.S. District Court for the Eastern District of Pennsylvania. As the legal process moves forward, the future ownership of one of Philadelphia’s largest office properties remains uncertain.