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 »
The owners of Centre Square have successfully negotiated with the city to reduce the property tax assessment on the challenged office complex by $113 million for the current year, while the two-building site remains in receivership with declining occupancy levels. The assessed value of this Center City property, initially set at $362.6 million, will undergo… Read more »
The historic Wanamaker Building has been placed in receivership as one of Center City’s most recognizable office properties struggles to retain tenants and debtholders pursue foreclosure to satisfy a $112 million unpaid mortgage balance. An emergency petition filed by Wilmington Trust N.A. for the appointment of a receiver was granted Sept. 6, according to filings… Read more »
