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<\/p>\nThe dual-level urban mall sandwiched between two of Philadelphia\u2019s most prominent office properties has hit the market.<\/p>\n
<\/p>\n
\n Metropolis Investment Holdings is selling the Shops at Liberty Place, which it has owned since 1999.\n <\/p>\n
Chicago-based Metropolis Investment Holdings<\/a> is looking to sell\u00a0the 147,200 SF Shops at Liberty Place, according to a listing<\/a> from JLL<\/a>, which is marketing it exclusively. The property at 1625 Chestnut St. is almost 78% occupied, according to the marketing materials, which don’t list\u00a0an asking price.<\/p>\n Metropolis bought the retail complex in 1999, just nine years after the broader Liberty Place mixed-use project was completed by Rouse & Associates, which eventually became Liberty Property Trust<\/a>.\u00a0<\/p>\n \u201cWe\u2019ve spent years caring for The Shops at Liberty Place and created a vibrant retail environment,\u201d Metropolis Managing Director Tom Dempsey<\/a> told Bisnow in a statement.<\/p>\n \u201cIt\u2019s at a natural point for a new owner to take it to the next level, while we focus on our core portfolio of Class-A office towers in Philadelphia, Chicago, Dallas, Houston, and San Francisco.\u201d<\/p>\n The complex is anchored by Bloomingdale\u2019s<\/a> and a 26K SF Puttshack<\/a> mini-golf course, which opened in February 2024.<\/p>\n Metropolis also owns the 1.2M SF, 61-story One Liberty Place<\/a> building towering above the mall, but Dempsey said it has no plans to sell that asset.<\/p>\n \u201cIt performs strongly through even the most [difficult] market cycles, benefits from a loyal tenant base, and remains Philadelphia\u2019s most iconic high-rise,\u201d Dempsey said of the building, which he added remains a \u201ccornerstone\u201d of the firm\u2019s portfolio.<\/p>\n Two Liberty Place<\/a>, a 58-story tower spanning 950K SF, is owned by Los Angeles-based Coretrust Capital Partners<\/a>.<\/p>\n The complex spanning a full city block between 16th and 17th streets has fielded more than 5.1 million annual visitors in recent years, according to JLL\u2019s marketing materials.<\/p>\n Last year, Industrious<\/a> reopened the second floor of its coworking space<\/a>\u00a0at Two Liberty Place, which had shut down amid low demand in the immediate aftermath of the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"The dual-level urban mall sandwiched between two of Philadelphia\u2019s most prominent office properties has hit the market. Metropolis…\n","protected":false},"author":2,"featured_media":81215,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[41099,41096,41095,41093,41066,41094,41100,69,71,70,12544,41098,41097],"class_list":["post-81214","post","type-post","status-publish","format-standard","has-post-thumbnail","category-philadelphia","tag-bloomingdales","tag-coretrust-capital-partners","tag-industrious","tag-jll","tag-liberty-place","tag-metropolis-investment-holdings","tag-one-liberty-place","tag-philadelphia","tag-philadelphia-headlines","tag-philadelphia-news","tag-puttshack","tag-tom-dempsey","tag-two-liberty-place"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/81214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=81214"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/81214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/81215"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=81214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=81214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=81214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}