CBRE has been appointed as the exclusive advisor for the planned sale of 2400 Market, a 594,945-square-foot office and mixed-use property that serves as a trophy asset in Philadelphia. The building anchors the Market West submarket and is positioned as a gateway to University City, underscoring its prominence within the broader Center City office landscape.
The assignment is being led by CBRE’s Philadelphia National Office Partners team. Team members Doug Rodio, Jerry Kranzel, Bruer Kershner, Mark Lunney, Layal Zuabi and Aidan Boyle are marketing the asset on behalf of the ownership. Their mandate is to present the property to prospective investors as a stabilized, institutional-quality office offering in one of the city’s key employment corridors.
Formerly known as the Market Place Design Center, 2400 Market underwent a complete redevelopment following its acquisition by Lubert-Adler in 2018. The transformation repositioned the asset into a modern, multi-tenant trophy office property while maintaining its recognizable presence along the city’s commercial spine. Within Center City Philadelphia, it stands out as one of only two multi-tenant trophy office developments delivered since 1990, highlighting the relative scarcity of comparable product over the past several decades.
Leasing metrics at 2400 Market underscore its status as a core asset. The property is currently 98.8% leased and benefits from an eight-year weighted-average lease term, providing substantial income visibility for future ownership. This combination of high occupancy and long lease duration is expected to be a key consideration for investors evaluating the offering.
2400 Market is anchored by Aramark’s global headquarters, giving the building a prominent corporate identity. The tenant roster also includes JPMorgan Chase, as well as Audacy, Lumen Technologies and the Fitler Club, reflecting a diverse mix of office and lifestyle users within the property. The presence of these nationally recognized and regional tenants further reinforces the building’s profile within the Market West submarket.
Commenting on the asset, Michael Gray, a principal at Lubert-Adler, said that “the property speaks for itself” and noted that the firm looks forward to feedback from the broader investment community. With CBRE’s capital markets team now formally engaged, 2400 Market is being positioned to attract interest from investors seeking exposure to a large-scale, multi-tenant trophy office and mixed-use property in Philadelphia’s Center City core.
