Just over a month ago, 401 Market St. appeared rock-solid on paper: the 484,643-square-foot building was fully leased, generating record revenue and strong cash flow, with a mortgage in good standing and over a year left before maturity. But in October, Wells Fargo’s lease on 349,770 square feet expired, dropping occupancy from 100% to 28% and pushing the property’s $52.4 million loan into special servicing. Now, with eight vacant floors, the building’s future is uncertain.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory 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.
