Philadelphia, December 24, 2025
Alterra Property Group has acquired the 1701 Market Street building in Philadelphia with plans to convert it into 299 residential units. This initiative represents the largest office-to-residential conversion in the city since the pandemic. Construction is set to begin early next year and aims to enhance the housing supply in Center City, which has seen a significant trend of repurposing office spaces into residential units. The project is expected to contribute positively to the local real estate market and urban development.
Philadelphia’s 1701 Market Street Office Building to Be Converted into 299 Apartments
Philadelphia, Pennsylvania – Alterra Property Group has acquired the 1701 Market Street building, formerly the headquarters of law firm Morgan Lewis & Bockius, with plans to transform it into 299 residential units. This marks the largest office-to-residential conversion in Philadelphia since the pandemic.
Details of the Conversion
The 27-story building, located in Center City, will undergo significant renovations to accommodate the new apartments. Construction is expected to commence early next year, following Morgan Lewis’s departure, with completion anticipated by early 2025. The project aims to repurpose the existing office space into modern residential units, contributing to the city’s housing supply.
Context and Background
Philadelphia has been at the forefront of office-to-residential conversions, with over 10 million square feet of outdated office space transformed since 1997. The 1701 Market Street conversion is part of a broader trend in Center City, where several office buildings are being repurposed to meet the growing demand for housing. Notable projects include:
- 17 Market West: Converted into 299 apartments, offering amenities such as a fitness center and rooftop lounge.
- The Residences at Three Parkway: Transformed into 143 apartments, featuring high ceilings and large windows.
- Public Ledger Building: Half of the building has been converted into apartments, with construction underway for the remaining portion.
- The Bellevue: Historic building converted into 155 apartments, emphasizing residential space over hotel and office use.
- 2100 Arch Street: Former Jewish Federation office being converted into 116 apartments, with construction yet to begin.
- 400 Market Street: Small building being converted into 176 apartments, with a straightforward conversion process due to its design.
These conversions are part of a strategic effort to revitalize Center City, address the surplus of vacant office space, and provide more housing options in the downtown area. The success of these projects demonstrates the viability of repurposing office buildings to meet residential needs, contributing to the city’s dynamic urban landscape.
Impact on the Real Estate Market
The conversion of 1701 Market Street is expected to have a significant impact on Philadelphia’s real estate market. By adding 299 residential units to the downtown area, the project aims to attract new residents, stimulate local businesses, and enhance the vibrancy of Center City. The initiative also reflects a broader trend in urban development, where cities are adapting to changing demands by repurposing existing structures to serve new purposes.
Conclusion
The transformation of 1701 Market Street into residential apartments underscores Philadelphia’s commitment to innovative urban development. As more office buildings are converted into housing, the city continues to evolve, offering diverse living options and fostering a vibrant urban environment.
Frequently Asked Questions (FAQ)
What is the 1701 Market Street building?
The 1701 Market Street building was formerly the headquarters of law firm Morgan Lewis & Bockius. It is a 27-story office building located in Center City, Philadelphia.
Who is Alterra Property Group?
Alterra Property Group is a Philadelphia-based real estate development firm specializing in residential and mixed-use projects.
What is the significance of this conversion project?
This project is the largest office-to-residential conversion in Philadelphia since the pandemic, contributing to the city’s efforts to repurpose vacant office spaces into housing and revitalizing the downtown area.
When is construction expected to begin and complete?
Construction is expected to commence early next year, following Morgan Lewis’s departure, with completion anticipated by early 2025.
What other office buildings in Center City are being converted into residential units?
Other notable conversions include 17 Market West, The Residences at Three Parkway, Public Ledger Building, The Bellevue, 2100 Arch Street, and 400 Market Street, each transforming office spaces into residential units to meet the growing demand for housing in the downtown area.
Key Features of the 1701 Market Street Conversion Project
| Feature | Details |
|---|---|
| Building Name | 1701 Market Street |
| Former Use | Headquarters of Morgan Lewis & Bockius |
| New Use | 299 Residential Units |
| Location | Center City, Philadelphia |
| Construction Start | Early Next Year |
| Completion Date | Early 2025 |
| Developer | Alterra Property Group |
| Significance | Largest Office-to-Residential Conversion in Philadelphia Since the Pandemic |
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Author: STAFF HERE PHILADELPHIA WRITER
The PHILADELPHIA STAFF WRITER represents the experienced team at HEREPhiladelphia.com, your go-to source for actionable local news and information in Philadelphia, Philadelphia County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Mummers Parade, Philadelphia Flower Show, and Thanksgiving Day Parade. Our coverage extends to key organizations like the Greater Philadelphia Chamber of Commerce and United Way of Greater Philadelphia, plus leading businesses in telecommunications, food services, and healthcare that power the local economy such as Comcast, Aramark, and Children's Hospital of Philadelphia. As part of the broader HERE network, we provide comprehensive, credible insights into Pennsylvania's dynamic landscape.
