Posts Tagged: Foreclosure

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… Read more »

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… Read more »

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… Read more »

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… Read more »

Collegeville Office Buildings Sold at 81% Discount

Collegeville office buildings sell for less

Two largely vacant office buildings in Collegeville have changed hands for $6.2 million — representing a staggering 81% drop in value from their last sale in 2018. Located at 200 and 400 Campus Drive, the buildings span a combined 183,363 square feet and were just 15% occupied at the time of sale. The significant vacancy… Read more »

Wanamaker Foreclosure Nears Key Milestone Ahead of Auction

Wanamaker Foreclosure Nears Key Milestone Ahead of Auction

A Philadelphia court ruling on Jan. 31 sided with lender TF Cornerstone in the Wanamaker building foreclosure case, eliminating the need for a trial. The decision puts the historic Center City office building on track for auction as TF Cornerstone moves to take control from Rubenstein Partners. The court partially granted TF Cornerstone’s motion for… Read more »