The 1700 Market Street office building in Center City is being placed on the market as its yearslong foreclosure process nears its end, writes Paul Schwedelson for the Philadelphia Business Journal.
Cushman & Wakefield, the receiver for the Center City building, is responsible for marketing and selling the 32-story property that is currently owned by San Francisco-based Shorenstein.
The judge’s order states that the receivership will have to periodically report to the court on the sale process.
In recent years, the office tower has undergone financial challenges, as its current owner owes more than $186.7 million on a commercial mortgage-backed securities (CMBS) loan.
Dating back to January 2022, Barclays had a $188 million loan with Berkadia Commercial. More than a year later, the property was then placed on a CMBS watch list for financial conditions and vacancy concerns, among other issues.
In late 2023, the loan was transferred to special servicing due to what servicer notes said was “imminent default,” which allowed Shorenstein to have discussions on modifying the loan.
The loan matured in February 2024. In August 2024, a trustee on behalf of CMBS investors that own the debt field a foreclosure complaint against Shorenstein.
Read more 1700 Market Street and its long foreclosure process in the Philadelphia Business Journal.
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Editor’s Note: This post was originally published on PHILADELPHIA Today in January 2026.
