Posts Tagged: Philadelphia

SEC Extends Philadelphia Lease Through 2035

Securities and Exchange Commission to retain Philadelphia

The federal government has scaled back its plans to significantly reduce its real estate holdings, opting to maintain two Securities and Exchange Commission offices that were previously slated for closure. Among them is the SEC’s Philadelphia regional hub, providing a notable boost to the city’s office market, which continues to recover from pandemic-related vacancies. The… Read more »

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 »

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… 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 »

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… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »