CBRE Selected as Exclusive Advisor for Sale of 2400 Market in Philadelphia

CBRE has been selected as the exclusive advisor for the sale of 2400 Market, a 594,945-square-foot trophy office and mixed-use asset that anchors Philadelphia’s Market West submarket and provides a gateway to University City.

CBRE’s Philadelphia National Office Partners team, led by Doug Rodio, Jerry Kranzel, Bruer Kershner, Mark Lunney, Layal Zuabi and Aidan Boyle, is marketing the opportunity on behalf of ownership.

The Market Place Design Center, as it was previously known, was completely redeveloped by Lubert-Adler after acquiring the iconic asset in 2018. 2400 Market is one of only two multi-tenant trophy office developments delivered in Center City Philadelphia since 1990. The Trophy Property is currently 98.8% leased, with an eight-year weighted-average lease term.

“The property speaks for itself,” said Lubert-Adler Principal Michael Gray. “We look forward to the feedback from the broader investment community.”

This trophy asset is anchored by Aramark’s global headquarters and features a roster of creditworthy tenants, including JPMorgan Chase (who recently announced it was consolidating out of the two premier high-rise trophy towers in the Philadelphia CBD – 1735 Market & One Liberty Place to move to 2400 Market), along with Audacy, Lumen Technologies and the Fitler Club, which is a unique amenity in Philadelphia.

“Investors today are highly selective, and 2400 Market checks virtually every box they are seeking…It’s trophy quality by every measure, offers significant contractual income from credit-worthy tenants with long-term growth, premier amenities and irreplaceable transit-oriented location,” said Rodio. “Perhaps the strongest validation of the asset’s quality is JPMorgan Chase’s recent decision to relocate its regional headquarters to the building. Securing a full-floor 64,000-square-foot lease demonstrates how desirable this property is among leading corporate occupiers seeking space in the best buildings in the best locations, a trend that we see in Philadelphia and across the country.”