Centre Square - History

History

In the 1960s developer Jack Wolgin began development of a two-tower high-rise complex in the West Market Street neighborhood of Philadelphia. Existing structures at the site were demolished in 1969 after the city condemned the structures using eminent domain. With the project over budget, Centre Square was redesigned just before construction was scheduled to begin. Originally intended to be two steel high rises, the redesign used concrete instead. Unlike similar projects in the city, the entire complex was constructed all at once. The US$80-million Centre Square opened in 1973 with First Pennsylvania Bank as the lead tenant. Centre Square is credited with shifting Philadelphia's downtown office district from South Broad Street to West Market Street.

The Metropolitan Life Insurance Company (MetLife) had an ownership stake in the complex ever since Centre Square was constructed and in 1992 became the sole owner. Wolgin sold his stake in the complex in the early 1980s, and a partnership led by Metropolitan Life of Virginia took control of the complex around 2000. In 2002 MetLife put the property up for sale, and in October of that year HRPT Properties Trust bought Centre Square for US$183.5 million plus closing costs. With the acquisition of Centre Square, HRPT Properties Trust (now called CommonWealth REIT) began an improvement and renovation plan for the complex. Improvements included modernization of its elevator, air conditioning, and safety systems. Architectural firm Daroff Design Inc.'s plans included cleaning the structures and a redesign of parts of the atrium and the plaza in front of the building.