The future of Philadelphia’s iconic Centre Square complex has become increasingly uncertain as new buyers enter the race for the distressed property.

Just months after a potential deal appeared close, additional bidders have surfaced for the massive Center City office complex. Their involvement now threatens to derail the proposed acquisition by local developers Dean Adler and PMC Property Group.

Most notably, New York-based CSC Coliving submitted an $80 million offer for the property. The proposal exceeds the previously submitted Adler-PMC bid by $10 million, according to filings in the foreclosure case at the U.S. District Court for the Eastern District of Pennsylvania.

In addition, CSC Coliving’s offer includes a $2.5 million nonrefundable deposit and eliminates a due diligence period. Those terms could strengthen the firm’s position as competition intensifies.

The 1.76 million-square-foot Centre Square complex remains one of Philadelphia’s largest office properties. However, ongoing office market challenges continue to impact the property’s long-term outlook.

CSC Coliving plans to reposition portions of the complex through a mixed-use redevelopment strategy. According to managing partners Alberto Smeke and Salo Smeke, the firm intends to convert vacant office space into residential units or hotel accommodations.

At the same time, occupied portions of the property would remain operational as office space. The approach aims to preserve existing tenants while introducing new uses throughout the complex.

The redevelopment concept also includes additional retail opportunities, though specific plans have not yet been announced.

As the foreclosure process continues, Centre Square’s future remains closely watched across Philadelphia’s commercial real estate market. The outcome could signal how investors and developers plan to reposition large office assets in an evolving post-pandemic environment.