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.
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