34 — May 2026 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Old City office to residential conversion is 40% leased at opening Keystone opens 400 Market Flats, bringing 176 residences to Independence Mall District P delphia’s most historically significant neighborhoods.
building is a reimagined lobby that blends its Brutalist roots with a boutique hotel sensibility. A striking concrete sculpture by Costantino Nivola—specifically commissioned for the building as part of the 1970 construc - tion—anchors the space. Wood- clad ceilings, paneled columns, and veined marble soften the structure’s bold geometry, while restored travertine and lime- stone floors ground the design in its heritage. Residents have access to a range of amenities, including lounge and co-working spaces on the ground floor, a 2,500 s/f rooftop deck with unparalleled views of the Ben Franklin Bridge and Delaware River waterfront, and approximately 30 underground parking spac - es. The building also features pet-friendly amenities, includ- ing a dedicated dog wash and a rooftop dog run. PNC Bank will continue to anchor the corner retail space at 4th and Market Streets. The redevelopment reflects Keystone‘s broader invest- ment in the Independence Mall area, bringing new resi - dential energy to a histori- cally significant and evolv- ing neighborhood. Keystone acquired 400 Market Street in 2024 in partnership with Lubert-Adler. “400 Market Flats reflects our belief that great histor- ic buildings can evolve to meet the needs of today’s city residents,” said Rich Got- tlieb , president and COO of Keystone. “We preserved the character and architectural integrity that make this prop- erty distinctive while creating modern homes in one of the most important and dynamic neighborhoods in Philadel- phia. The strong leasing ac - tivity at opening confirms the demand for this kind of thoughtfully designed housing in Old City.” 400 Market Flats repre - sents the newest chapter in Keystone’s continued invest- ment in the Independence Mall district, where the firm’s portfolio also includes The Bourse, 100 Independence, The Washington, and The Curtis. Keystone is currently adding 44 residential units at The Curtis to bring the prop - erty to 130 apartments, while plans at The Washington call for a partial residential con- version that will create 200 additional units. MAREJ
HILADELPHIA, PA – Keystone has an- nounced the opening of 400 Market Flats, a newly converted 176-unit residential community in the heart of Phil- adelphia’s Independence Mall district, offering a first look at one of Center City’s most prominent office-to-residential transformations. The project marks Keystone’s second office- to-residential conversion in Old City, continuing the firm’s track record of reposition- ing underutilized commercial properties into high-quality rental housing in one of Phila-
The historic 12-story build - ing is already 40 percent leased, a strong signal of pent- up demand for high quality rental housing in the Indepen- dence Mall corridor. Designed by Tantillo Architecture and constructed by Fasttrack Construction , 400 Market offers a mix of modern studio, one-, and two-bedroom apart- ments with sweeping views of Independence Hall, the Benja - min Franklin Bridge, and the Delaware River waterfront. At the heart of the 173,700 s/f
400 Market Flats rendering
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