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

Property Image
SOLD
$100,000,000

Pennsylvania

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Office1,760,000 SF
Sold 03/02/2026
the dealdetailscomps
Property Image
SOLD

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

1500 Market Street

See Similar Deals
Office1,760,000 SF
Sold 03/02/2026
the dealdetailscomps

Summary

PENNSYLVANIA
Asset Type:Office
Price Per Square Foot:$56
Total Square Footage:1,760,000 SF
Transaction Type:Sale

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.

Players

W
Wafra
SELLER
NP
Nightingale Properties
SELLER

Details

SOLD
IMAGE: - UNDER CONTRACT DATE: 03/02/2026 ADDRESS: 1500 Market Street MARKET: Philadelphia ASSET TYPE: Office BUYER: PMC Property Group SELLER: Nightingale Properties & Wafra Group SALE PRICE: $100,000,000 SF: 1,760,000 ~ PPSF: $57 NOTE: PMC Property Group agreed to acquire the 1.76 million-square-foot Centre Square for under $100 million, with plans to convert portions to apartments, as the asset carries a $368 million securitized mortgage tied to JPMorgan Chase and has been in special servicing since 2022. The tower, owned by a venture of Nightingale Properties and Wafra Group, was 37.6% occupied at year-end and reappraised at $104.4 million in 2024, down from its $328 million purchase price in 2017.

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