The future of Centre Square is uncertain once again, as the New York developer that outbid a prominent Philadelphia real estate team has abandoned its purchase of the massive office complex at 1500 Market Street, writes Jake Blumgart for The Philadelphia Inquirer.
CSC Coliving had offered $80 million for the property, topping the $70 million bid from investor Dean Adler and PMC Property Group. The Manhattan-based firm’s exit reopens a deal that once looked settled and leaves Adler’s team scrambling to understand what changed.
“We were kicked out, and we didn’t fight it. We played by the rules. We accepted when they were going to overbid us,” Adler said…