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.

Hangley Aronchick Cut Center City Office Space

Hangley Aronchick Segal Pudlin & Schiller is relocating

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 and Arden Group. In addition, Hogan Lovells, a major law firm with roots in Miami, has renewed its commitment to the property with a lease extension exceeding 10 years, maintaining its 34,752 square feet across the 22nd and 23rd floors.

*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.

Parkview Tower Faces Foreclosure in King of Prussia

KOP's Parkview Tower in Foreclosure

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 mortgage-backed securities (CMBS) loan with more than $27 million in outstanding debt, according to a May 10 loan servicer report. The loan matured nearly two years ago, and the building has been in receivership since October 2023.

*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.

Chubb Puts Old City Property on the Market

Chubb Listing Old City Office For Sale

Chubb has listed its 330,000-square-foot office building at 436 Walnut St. in Old City as it prepares to relocate to its new headquarters next year.

Located at the southeast corner of 5th and Walnut streets, just a block from Independence Hall, the 12-story property is zoned CMX-4, allowing for a mix of residential and commercial uses. The 101-year-old building, last renovated in 2005, is being marketed as a potential redevelopment opportunity for office, residential, or hotel use.

The sale comes as Chubb plans to consolidate operations into its forthcoming 438,000-square-foot tower at 2000 Arch St., a $430 million project being developed by Parkway Corp. in the Market West district.

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.

Kirkland & Ellis Expands in Philly with Major Office Lease

Kirkland&Ellis Lease Expansion

Kirkland & Ellis has leased 29,000 square feet at 2005 Market St., taking the entire 10th floor of One Commerce Square in Center City. The move suggests the world’s highest-grossing law firm is laying the groundwork for significant growth in Philadelphia after entering the market earlier this year.

Despite currently listing only four Philadelphia-based attorneys on its website, the firm’s sizable lease signals a long-term commitment and likely expansion plans in the region.

*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.