Posts Categorized: Philadelphia office space

Centre Square Hits Market Amid Foreclosure

Centre Square, Philadelphia’s largest office property, is being marketed for sale even as it remains tied up in an ongoing foreclosure case.

Centre Square, Philadelphia’s largest office property, is being marketed for sale even as it remains tied up in an ongoing foreclosure case. Located at 1500 Market Street, just west of City Hall, the 1.76 million-square-foot complex includes the 36-story East Tower, the 43-story West Tower, and a 450-space parking garage. Once one of the city’s… Read more »

1818 Market Street Placed in Receivership

More than a year after a loan on the property came due, 1818 Market St. has been sent to receivership, joining a growing list of office properties in Philadelphia's central business district facing financial distress.

The 37-story office tower at 1818 Market Street has entered receivership more than a year after its loan matured, adding to the growing roster of financially distressed properties in Philadelphia’s central business district. Court filings show owner Shorenstein Properties is in default on a $239.5 million commercial mortgage-backed securities (CMBS) loan tied to the nearly… Read more »

2000 Market Street Office Tower Sells for $45.5M

The 29-story office building at 2000 Market St. has sold to a pair of out-of-state investors.

The 29-story office tower at 2000 Market Street has been acquired by a joint venture between New York-based CSB Holdings and Maryland-based Tide Realty Capital. The partnership purchased the 668,335-square-foot property for $45.5 million, or roughly $68 per square foot, according to Tide Realty Capital President Aaron Loeb. Unlike many recent Center City transactions that… Read more »

Morgan Properties Secures Approval for Major Conshohocken Office Expansion

Morgan Properties plans 2 new office buildings in Conshohocken

Morgan Properties has received approval to move forward with plans for two new office towers along the Schuylkill River, directly next to its recently established Conshohocken headquarters. On Monday, the borough’s Zoning Hearing Board granted the company zoning variances that clear the way for the development. The project, to be built behind the existing Millennium… Read more »

Foreclosure Trial Set for 1700 Market Street

1700 Market foreclosure trial date set as resolution inches closer

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… Read more »

FLD Group and Adjmi Family Expand Plymouth Meeting Portfolio

FLD Group and Adjmi Family Grow Plymouth Meeting

FLD Group of Eatontown, NJ, and New York’s Adjmi family have expanded their footprint in the Philadelphia suburbs with the $5.2 million purchase of an 83,000-square-foot office building at 2250 Hickory Road in Plymouth Meeting. The four-story property, currently about 45% occupied, sits adjacent to the five-building Plymouth Meeting Executive Campus the partners acquired last… Read more »

Foreclosure Action Targets 1650 Arch Street Office Tower

Foreclosure Action Targets 1650 Arch Street Office Tower

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… Read more »

Philadelphia Office Tower’s Assessment Cut by 55% Amid Market Challenges

The assessed value of an office building in Philadelphia’s central business district has been slashed by 55% after multiple appeals.

A 296,000-square-foot office building at 1635 Market Street in Philadelphia’s central business district has seen its assessed value reduced by more than half following multiple appeals, underscoring the financial pressures facing under-occupied office properties. Originally assessed at $62.2 million for tax years 2023 and 2024, the building’s value was ultimately lowered to $35.8 million in… Read more »

Stalwart Equities Acquires Northeast Philadelphia Office for $21M

Stalwart Equities Acquires Northeast Philadelphia Office Property for $21M

A Brooklyn-based investment firm has acquired a fully leased Northeast Philadelphia office building for $21 million, according to public records. The 130,000-square-foot property, located at 13000 Townsend Road, is currently occupied by the U.S. Department of the Treasury’s Bureau of the Fiscal Service, which recently extended its lease for an additional five years through late… Read more »

Developer to Buy Ten Penn Center

Local developer nears deal to buy Ten Penn Center for residential conversion

PMC Property Group is reportedly close to acquiring Ten Penn Center at 1801 Market Street, with plans to partially convert the 27-story office tower into residential units, according to multiple industry sources. As Philadelphia’s largest apartment owner, PMC has a track record of office-to-residential conversions, including a recent project at Three Parkway in Center City…. Read more »