The owner of 401 Market St. is seeking a discounted payoff on its $52 million debt after Wells Fargo’s exit left the building 28% occupied and pushed the loan into special servicing. With the loan maturing in October, Miller Investment Management hopes to negotiate a deal, highlighting the declining value of Philadelphia’s older office buildings…. Read more »
Just over a month ago, 401 Market St. appeared rock-solid on paper: the 484,643-square-foot building was fully leased, generating record revenue and strong cash flow, with a mortgage in good standing and over a year left before maturity. But in October, Wells Fargo’s lease on 349,770 square feet expired, dropping occupancy from 100% to 28%… Read more »
