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 premier office addresses, Centre Square now faces steep challenges: more than 1 million square feet sit vacant, driving occupancy down to just 36%. The property has been in receivership for over two years.

According to CMBS filings, Centre Square was appraised at $223.5 million in September 2024—less than half its pre-pandemic valuation of $471 million in 2019.

*Article courtesy of Philadelphia Business Journal
For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.

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 1 million-square-foot building, located at 19th and Market streets.

On August 1, the Philadelphia Court of Common Pleas appointed Hilco Real Estate’s Matthew Mason as receiver for the property, marking another high-profile setback for Center City’s office market.

*Article courtesy of Philadelphia Business Journal
For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.

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 have involved residential conversion plans, the buyers intend to continue operating 2000 Market strictly as an office property—making it the largest post-pandemic sale of its kind.

Currently 68% leased, the building’s tenants maintain a weighted average lease term of 5.5 years, providing stability as the new owners take over operations.

*Article courtesy of Philadelphia Business Journal
For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.

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 office complex where Morgan relocated last year, will deliver a combined 304,000 square feet of office space. The proposal also includes two podium-style parking garages offering 1,196 total spaces.

*Article courtesy of Philadelphia Business Journal
For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.

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 to go before the Philadelphia Court of Common Pleas in March.

The pending trial highlights ongoing stress within Philadelphia’s office sector, where tenant downsizing and a flight to newer, higher-quality buildings have left older assets struggling. While the ultimate outcome remains uncertain, the trial date signals movement toward resolution in the coming months.

The loan, originated by Barclays in January 2022 for $188 million, is currently overseen by Berkadia Commercial as master servicer. According to a June receiver’s report, 1700 Market is 74% leased—below the 88% occupancy level under which the loan was underwritten. The property has been on a servicer watch list since April 2023 due to both financial and vacancy concerns.

*Article courtesy of Philadelphia Business Journal
For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.

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 October for $65.5 million.

Located near the intersection of I-276 and I-476 and just north of Plymouth Meeting Mall, the acquisition gives the joint venture even greater control of the office market in the area. The partners, who also purchased Bala Plaza in Bala Cynwyd for $185 million in 2022 with plans for a large-scale mixed-use redevelopment, said there are no immediate plans to repurpose the Hickory Road building but view the location as a strong long-term investment opportunity.

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.

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 mid-June against owner ASI Management in the Philadelphia Court of Common Pleas.

According to the filing, ASI Management owes $46.9 million on the loan tied to the property. Delphi originally provided a $75.8 million loan to ASI Management in 2018. ACORE Capital Mortgage is also listed in the case as Delphi’s administrative agent for the loan.

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.

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 2023, $31 million in 2024, and $28.3 million for 2025, according to city property records. The 19-story property, currently 70% occupied per CoStar data, is owned by InterVest Capital Partners, which assumed ownership from Nightingale Properties.

The reductions followed an appeal to the city’s Board of Revision of Taxes, which initially cut the assessment to $41.6 million for 2023 and $39.7 million for 2024. Seeking further relief, the ownership pursued an additional appeal in Philadelphia’s Court of Common Pleas in early 2024.

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.

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 2029.

Stalwart Equities purchased the 10.5-acre site near Roosevelt Boulevard from Acore Capital, a Dallas-based firm that had owned the property since 1998, when it acquired it for $17 million. The listing was marketed with a 9.5% cap rate and an asking price of $21.8 million.

The building, known as the Philadelphia Financial Center, plays a key role in federal financial operations, including processing IRS refund disbursements and managing regional wire transfers. The Bureau of the Fiscal Service has occupied the facility since 2014.

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.

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.

Public records show two new entities — Ten Penn Center Upper Unit Associates LLC and Ten Penn Center Lower Unit Associates LLC — were registered on June 11, both listing PMC’s Philadelphia office address.

*Article courtesy of Philadelphia Business Journal
For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

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.