Temple University has plans to move out of its Center City location inside the 1515 Market Street office tower, writes Noah Zucker for BisNow.
Temple currently occupies 130,000 of the 502,000-square-feet of the building.
In February, Temple spent $18 million on the former University of the Arts’ Terra Hall, the largest piece of the shuttered school’s campus. This will be the new location of Temple’s Center City campus.
According to Morningstar, the school’s current lease doesn’t expire until January 2027. However, it’s likely that Temple chooses to move out well before then.
“Accesso is working closely with the special servicer on 1515 Market on a potential loan modification that considers the remaining two years on the Temple lease,” a spokesperson for the company told Bisnow. “We will be envisioning our plan for the property in the coming months as we take this time to market the future availability.”
While the 1515 Market building is about 72 percent occupied as of last month, Temple’s departure would drop its occupancy to the mid-40s.
Read more about Temple’s move out of its current Center City location at BisNow.
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