Centre Square, the largest office property in Philadelphia, will soon go up for sale two years after it was foreclosed, writes Noah Zucker for BisNow.
After the building at 1500 Market Street was foreclosed in the aftermath of the crowdfunding scandal involving Nightingale Properties CEO Elie Schwartz, CBRE became the court-appointed owner.
According to Green Street’s Real Estate Alert, CBRE will be placing the 2.2 million square-foot space on the market as a blank slate. This makes it prime for residential, retail, or hotel conversion.
The expectation is that the Center City property will fetch more than $100 million, which would be a more than 80 percent decline from the appraised value it had in 2020 at nearly $510 million.
Centre Square features two towers atop a four-story base.
The structure is about 36 percent occupied, a number much smaller than it was prior to the wake of the COVID-19 pandemic.
Nightingale Properties and InterVest Capital Partners spent spent more than $328 million on the building in 2017. Two years later, they refinanced it through a $390 million loan from JPMorgan Chase.
Read more about the Centre Square office tower as it prepares to go up for sale at BisNow.
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Editor’s Note: This post was originally published on PHILADELPHIA.Today in August 2025.
