Lubert-Adler Lists Philadelphia 2400 Market Office Building
The firm is selling the 595,000-square-foot property as its investment fund nears the end of its life.
Updated on Oct. 20, 2026 in Commercial
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Lubert-Adler Partners has listed the office building at 2400 Market Street in Philadelphia for sale. The property, which saw a major redevelopment completed in 2018, is currently 99% occupied.
Why it matters
The sale comes as Lubert-Adler Partners looks to divest assets due to its investment fund reaching the end of its life. Simultaneously, the building faces financial pressure with its $220 million loan currently in special servicing.
The 595,000-square-foot building boasts a 99% occupancy rate as of June 2026. Major tenants include the Fitler Club with 80,000 square feet, Audacy with 67,000 square feet, Aramark with 63,000 square feet, and JPMorgan Chase with 62,000 square feet.
The players
Lubert-Adler Partners
This is a private equity real estate firm that specializes in opportunistic and value-added investments.
CBRE
This is a global commercial real estate services and investment firm that provides brokerage and property management.
Aramark
This is a global provider of food, facilities, and uniform services for various industries and institutions.
JPMorgan Chase
This is a leading global financial services firm that operates as one of the largest banking institutions.
Audacy
This is a multi-platform audio content and entertainment company that operates a large portfolio of radio stations.
The details
Lubert-Adler Partners has retained a team from CBRE to market the asset. While the building remains highly occupied, the borrower has requested to extend the December 2026 loan maturity date to May 8, 2027, as they do not expect a sale to conclude before the current deadline.
Timeline
Late 2018 marked the completion of the building redevelopment.
June 2026 was when the building reached 99% occupancy.
September 2026 saw the loan move into special servicing.
December 2026 is the scheduled maturity date for the loan.
Culture Shift
The sale of 2400 Market Street marks a critical test for institutional investor confidence in the post-2018 commercial redevelopment cycle in Philadelphia. This movement reflects broader shifts in how legacy assets are recapitalized within the city.
The transition in ownership may influence long-term property management policies or future leasing agreements for commercial tenants within the building. Occupants and local businesses should anticipate potential shifts in operational oversight as the sale proceeds.
The takeaway
Large commercial assets often face transition hurdles when investment funds reach their natural termination dates. Stakeholders should monitor property listings for signs of continued volatility in high-occupancy office markets.
What happens next
The borrower has requested an extension of the $220 million loan maturity date to May 8, 2027.
Further reading
For more on the local property market, see Philadelphia Commercial.
Source note: This article includes information reported by Bisnow.
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