8legs: Pmc property group

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‘Clothespin building’ is slated to become a hotel and up to 500 apartments after office vacancy crisis tanked the price

Centre Square near City Hall in Philadelphia will be redeveloped into offices, apartments, and hotel rooms under a new plan by PMC Property Group and Dean Adler.
The plan aims to retain 500,000 square feet of office space while adding 250–500 apartments and 300 hotel rooms.
The redevelopment responds to high vacancy in Center City, where Centre Square posted a 37.6% occupancy rate at the end of 2025.
Adler and PMC describe their approach as rejuvenating an architectural gem that had become functionally obsolete.
The Centre Square project is part of a broader trend of converting struggling offices into residential and hospitality space.
Centre Square spans two towers built in 1974 and was historically the city’s largest office complex.
The deal involves PMC and Adler purchasing Centre Square, a portfolio move following other redevelopments like the Bellevue and the Bourse.
The project includes amenities such as a spa and a 50-meter pool on the lower levels.
The project aims to retain some office space to house remaining tenants, signaling a mixed-use transition rather than a full conversion.
The plan preserves the building’s iconic Brutalist character while updating its use.

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