The largest office property in Philadelphia is up for sale while it remains mired in a foreclosure case. Centre Square, located just west of City Hall at 1500 Market St., is being marketed for sale. The 1.76-million-square-foot office complex consists of the connected 36-story East Tower and 43-story West Tower, along with a 450-spot parking garage. Centre Square has over 1 million square feet of vacant space, and occupancy at the distressed property has fallen to 36%. The complex has been in receivership for more than two years. It was appraised at $223.5 million in September 2024, according to CMBS reports, less than half of its pre-pandemic valuation of $471 million in 2019. The site spans a full block from 15th Street to 16th Street between Market and Ranstead streets. A new owner would have the opportunity to create a mixed-use property with a combination of high-end apartments, retail, hospitality and renovated office space, according to CBRE listing agent Jerry Kranzel. He said a reimagined Centre Square could be "a city within a city."
Source: Philadelphia Business Journal; 8/24/2025