The office tower at 1700 Market Street is hitting the market as its foreclosure process approaches resolution. The 850,723-square-foot, 32-story Center City property will be marketed and sold by Cushman & Wakefield, which the court appointed as receiver. San Francisco-based Shorenstein owns the building and owes more than $186.7 million on a CMBS loan tied… Read more »
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 »
