Best Real Estate Deals of 2025: Apartment winners

Alterra Property Group’s 17 Market West took First Place for Apartment Development (City) in the Philadelphia Business Journal’s Best Real Estate Deals of 2025 — recognized as the largest post-pandemic office-to-residential conversion in the city.

Alterra acquired the 305,000-square-foot office tower at 1701 Market Street for $26.3 million in 2023, just as law firm Morgan Lewis & Bockius prepared to vacate. The full vacancy let Alterra and partner Wind River Holdings convert the entire building at once into 299 apartments — a project the Business Journal credited with leading Philadelphia’s wave of office-to-residential conversions.

The largest post-pandemic office-to-residential conversion in Philadelphia.Philadelphia Business Journal

Now branded 17 Market West, the building pairs the conversion with 15,000 square feet of amenities, including a fitness center, basketball and pickleball courts, a golf simulator, sauna, cold plunge, and a rooftop pool. Project credits include architect NORR, Eileen Tognini Design, and general contractor Clemens Construction Co.

Read the full article at Philadelphia Business Journal →

Source: Philadelphia Business Journal, “Best Real Estate Deals of 2025: Apartment winners,” by Paul Schwedelson, March 26, 2026.