The Shops at Liberty Place are for sale
The 35-year-old mini mall at 1625 Chestnut St. is almost 80% occupied, but its performance was stronger before COVID-19.
The 147,201-square-foot mall between the Liberty Place towers, two of Philadelphia’s most iconic skyscrapers, is up for sale.
Chicago-based Metropolis Investment Holdings sees a sale of the Shops at Liberty Place as a way to put the property in the hands of a company that specializes in retail.
“With the property established as a leading retail destination in Center City, we believe it is at a natural point for a new owner to build on this foundation with additional investment and fresh ideas,” Tom Dempsey, head of asset management for Metropolis, said in an email.
Metropolis is focused on office real estate and owns the 61-story One Liberty Place. The company purchased both properties in 1999.
The sale of the Shops at Liberty Place is not an indication that Metropolis is planning to sell the skyscraper, too.
“We are focused on our office portfolio, and One Liberty Place will continue to be a cornerstone asset for Metropolis,” Dempsey said. “It has demonstrated strong and consistent performance, benefits from a loyal tenant base, and remains one of Philadelphia’s most iconic and competitive office buildings.”
There is no listed price, but a source familiar with Metropolis’ thinking says they are hoping to sell the Shops for $20 million.
The shops at 1625 Chestnut St. are 77.7% occupied and include tenants like Jos. A. Bank, Victoria’s Secret, and Bloomingdale’s. The food court proved especially popular and has long been a draw for office workers.
In 2024 indoor minigolf facility Puttshack opened as part of a wave of experiential retail in Center City.
“The venue is particularly strong in group sales, hosting corporate events, social gatherings, and celebrations, which reinforces its role as a destination — its mix of entertainment, dining, and social interaction helps drive consistent foot traffic and contributes to the overall vibrancy of The Shops,” Dempsey said.
Real estate brokerage Jones Lang LaSalle (JLL) is handling the sale of the Shops at Liberty Place.
The company’s listing for the Shops at Liberty Place describes it as an “established in-fill urban location with significant population density and economic demand drivers” and boasts its “irreplaceable location along highly trafficked Chestnut Street within Philadelphia’s premier shopping district.”
JLL says that it attracts 5.1 million visitors a year.
The Shops at Liberty Place opened in 1990, three years after One Liberty, which famously broke the gentleman’s agreement that no building in Philadelphia be taller than William Penn’s hat atop City Hall. Two Liberty Place also opened in 1990.
The Shops at Liberty Place proved a bright spot on Chestnut Street, which has long been overshadowed by Walnut Street as Center City’s premier shopping destination.
The Inquirer’s architecture critic, Inga Saffron, praised the design of the building’s entrance, which seeks to echo its sister skyscrapers that soar above.
“The glass structure sits a generous distance back from the hectic corner, providing plenty of elbow room for harried pedestrians,” she wrote in 2016. “The best detail is the batwing canopy over the doors. … The canopy’s angles recall the tiered chevrons that distinguish the crowns on Liberty Place’s towers.”
The Shops at Liberty Place’s occupancy suffered a blow following the COVID-19 pandemic, but its general neighborhood is looking healthy. Both the Liberty Place skyscrapers have strong occupancy, and Center City’s residential population is climbing.
“We’ve managed the asset carefully through challenging times,” Dempsey said. “Today, the property is well-positioned with a diverse mix of tenants, including strong experiential and destination offerings, and continues to attract interest from retailers and visitors alike. We see solid potential for continued growth and momentum under new ownership.”