One of Philadelphia’s premier office buildings has entered the market for sale as its loan maturity approaches. Lubert-Adler Real Estate Funds has engaged CBRE to market the 595,000-square-foot property at 2400 Market Street.
Overlooking the Schuylkill River, the Center City office building features a prominent location and established corporate tenancy. The property is currently 99% leased, with a weighted-average remaining lease term of eight years.
The high occupancy rate distinguishes 2400 Market Street within Philadelphia’s evolving office market. Additionally, its long-term lease commitments provide prospective investors with an established income-producing asset.
Lubert-Adler acquired the property in 2018 when it was known as the Market Place Design Center. The firm subsequently redeveloped the building into a modern, trophy-class office destination.
Notably, 2400 Market Street is one of only two multi-tenant trophy office buildings completed in Center City since the early 1990s.
The property’s redevelopment helped reposition an existing commercial building to meet contemporary office tenant expectations. Its location near the Schuylkill River also contributes to its prominence within Philadelphia’s commercial real estate landscape.
The decision to market the property comes as the maturity date on its financing approaches. However, an asking price and additional transaction details have not been disclosed.
Across the office investment market, financing conditions and changing workplace requirements continue influencing property sales. Consequently, investors are evaluating building quality, occupancy, lease commitments, and long-term income potential.
For Philadelphia’s commercial real estate market, the listing presents an opportunity to evaluate investor interest in a highly occupied office asset. Properties with established tenants and longer lease terms offer different investment characteristics than buildings facing significant vacancies.
Furthermore, the potential sale could provide insight into how investors value premier Center City office properties amid broader market adjustments.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, advisory and property management firm, is a premier commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.
Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.
