Philly Office Tower Receives $50M in Financing

September 3, 2026

Office Finance Mid-Atlantic News More Philadelphia

The owners acquired the property last year.

A joint venture between CSB Holdings and Tide Realty Capital has obtained $50 million in commercial real estate financing for 2000 Market St., a 29-story, 665,000-square-foot office tower in Center City Philadelphia. Citadel Credit Union provided the financing.

The lender provided $36 million at closing, with the remaining $14 million to become available as the ownership group achieves certain leasing milestones and completes tenant improvements associated with increased occupancy.

The owners paid $45.5 million to acquire 2000 Market St. from Nahla Capital in August 2025, Yardi Matrix shows. The asset, completed in 1972, sold for a fraction of its previous 2018 sale price of $107.7 million.

Following the latest purchase, CSB and Tide Realty took out a $34.1 million loan from Maxim Capital Group.

The financing is the largest commercial loan in Citadel’s history. With about $6.9 billion in assets and 25 branches, Citadel is one of greater Philadelphia’s largest credit unions. The deal is also Citadel’s third transaction with CSB Holdings, which has undertaken investment in and modernization of commercial real estate assets in greater Philadelphia.

Two50 Capital Group, led by founder Adrian Edery and Vice President of Originations Sara Frankel, served as the commercial financing broker. Rhyze Solutions served as the lender’s agent and provided underwriting guidance to position the loan for the secondary participation market. Following the closing, Rhyze began marketing positions to participating financial institutions.

Philly’s sluggish office market

The Philadelphia office market is stagnant, with the city among the U.S. markets with the lowest under-construction pipelines and investment volumes during the first four months of 2026, according to a Yardi Matrix report. Office sales totaled only $174 million in the metro during the period, with assets trading at prices well below the national average.

Philadelphia’s office vacancy rate at the end of April came in at 18.4 percent. The index dropped 80 basis points over the year, but still remained above the 17.6 percent national average.

Despite the sluggishness, there have been some notable refinancing deals in the market recently. In January, Brandywine Realty Trust secured $87.3 million in C-PACE financing for 3151 Market Street, a recently completed 495,000-square-foot building with lab, office and retail space in Philadelphia’s University City submarket. The transaction represents the largest C-PACE financing in Pennsylvania history.