Shops At Liberty Place Hits The Market For First Time Since 1999

The dual-level urban mall sandwiched between two of Philadelphia’s most prominent office properties has hit the market.

Chicago-based Metropolis Investment Holdings is looking to sell the 147,200 SF Shops at Liberty Place, according to a listing from JLL, which is marketing it exclusively. The property at 1625 Chestnut St. is almost 78% occupied, according to the marketing materials, which don't list an asking price.

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. 

“We’ve spent years caring for The Shops at Liberty Place and created a vibrant retail environment,” Metropolis Managing Director Tom Dempsey told Bisnow in a statement.

“It’s 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.”

The complex is anchored by Bloomingdale’s and a 26K SF Puttshack mini-golf course, which opened in February 2024.

Metropolis also owns the 1.2M SF, 61-story One Liberty Place building towering above the mall, but Dempsey said it has no plans to sell that asset.

“It performs strongly through even the most [difficult] market cycles, benefits from a loyal tenant base, and remains Philadelphia’s most iconic high-rise,” Dempsey said of the building, which he added remains a “cornerstone” of the firm’s portfolio.

Two Liberty Place, a 58-story tower spanning 950K SF, is owned by Los Angeles-based Coretrust Capital Partners.

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’s marketing materials.

Last year, Industrious reopened the second floor of its coworking space at Two Liberty Place, which had shut down amid low demand in the immediate aftermath of the pandemic.