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 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 »
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 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 »
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 »
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 »
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 »
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 »
Hangley Aronchick Segal Pudlin & Schiller is relocating from One Logan Square to a smaller footprint at 1735 Market Street, reducing its space by 46%. The firm has signed a 12-year lease for 22,230 square feet on the 26th floor of the building, also known as BNY Mellon Center, which is co-owned by Silverstein Properties… Read more »
Parkview Tower, a 10-story, 221,000-square-foot office building in King of Prussia, is slated for a sheriff’s sale on July 30, according to a notice from the Montgomery County Sheriff’s Office. The auction will be held via the online platform Bid4Assets. The property, owned by West Conshohocken-based real estate firm Keystone, is tied to a commercial… Read more »
