PMC Property Group Acquires Centre Square Office In Philadelphia For $100 Million From Nightingale Properties And Wafra Group

The property located at 1500 Market Street in Philadelphia is an office asset with a sale price of $100,000,000. The building comprises approximately 1,760,000 square feet, translating to a price per square foot of $57. The asset has been in special servicing since 2022 and has a securitized mortgage of $368 million associated with JPMorgan Chase.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $100,000,000
• Buyer: PMC Property Group
• Seller: Nightingale Properties & Wafra Group
• Square Footage: 1,760,000
• Price Per Square Foot: $57
• Market: Philadelphia
• Status: Under Contract
• Date of Transaction: 03/02/2026

The agreement sees PMC Property Group preparing to convert portions of the Centre Square into apartments. The property's previous ownership by a partnership of Nightingale Properties and Wafra Group led to a reappraisal of $104.4 million in 2024, significantly reduced from its original $328 million purchase price in 2017. The occupancy rate was reported at 37.6% by the end of the year.