Parkview Tower in King of Prussia, owned by West Conshohocken-based real estate firm Keystone, is scheduled to go to sheriff’s sale, writes Paul Schwedelson for the Philadelphia Business Journal.
The Montgomery County Sheriff’s Office has listed the 10-story, 221,000-square-foot building on the online auction platform Bid4Assets, with the sale scheduled to take place on July 30.
Keystone is more than $27 million in debt on a commercial mortgage-backed securities loan that is secured by the property. The loan, originally taken out in 2013 with an initial balance of $35 million, matured nearly two years ago, leading to the building being placed in receivership in October 2023.
The sponsors named on the loan include Keystone CEO Bill Glazer, Executive Vice President Marc Rash, Lubert-Adler Real Estate Funds Chairman Ira Lubert, and GF Hotels & Resorts CEO Kenneth Kochenour.
Parkview Tower fell victim to the wave of pandemic-related tenant downsizing that battered the office market, dropping from 92 percent occupancy in 2020 to 64 percent by the end of 2023. This decline has continued into this year, with occupancy slipping even further to 47 percent as of February, the most recent available reporting period.
Read more about King of Prussia’s Parkview Tower in the Philadelphia Business Journal.
Editor’s Note: This post was originally published on PHILADELPHIA Today in June 2025.
