The Shops at Liberty Place, a bustling ground-floor mall nestled between two towering skyscrapers, has hit the market for sale. The iconic retail destination, which spans 147,201 square feet along Chestnut Street, was listed by Jones Lang LaSalle Americas on Tuesday without an asking price.
With over $150 million in annual foot traffic - including 14,000 vehicles and 19,200 pedestrians passing through daily - the Shops at Liberty Place is a hotspot for shoppers. The mall boasts a diverse lineup of tenants, including Juan Pistolas, Saxby's, Victoria's Secret, OrangeTheory, Chipotle, Subway, Auntie Anne's, and Puttshack, which took over a substantial 26,000 square feet in 2024.
Despite its popularity, the Shops at Liberty Place is facing an uncertain future. The mall sits atop a long-term lease structure, with many tenants only having five years left on their agreements. Owners Metropolis, a Chicago-based real estate firm, purchased the property for $250 million back in 1999 and has since operated the mall under separate management from its office space.
According to Tom Dempsey, head of asset management at Metropolis, the decision to put the Shops at Liberty Place up for sale is part of a broader strategy to focus on core investment priorities. "A potential sale would allow new ownership to build on that momentum with fresh capital and ideas," he said, adding that it will also enable Metropolis to concentrate on its office portfolio in select cities.
As the retail landscape continues to evolve, one thing remains certain: the Shops at Liberty Place is a prized asset in Center City Philadelphia, commanding attention from potential buyers looking to capitalize on its enduring popularity.
With over $150 million in annual foot traffic - including 14,000 vehicles and 19,200 pedestrians passing through daily - the Shops at Liberty Place is a hotspot for shoppers. The mall boasts a diverse lineup of tenants, including Juan Pistolas, Saxby's, Victoria's Secret, OrangeTheory, Chipotle, Subway, Auntie Anne's, and Puttshack, which took over a substantial 26,000 square feet in 2024.
Despite its popularity, the Shops at Liberty Place is facing an uncertain future. The mall sits atop a long-term lease structure, with many tenants only having five years left on their agreements. Owners Metropolis, a Chicago-based real estate firm, purchased the property for $250 million back in 1999 and has since operated the mall under separate management from its office space.
According to Tom Dempsey, head of asset management at Metropolis, the decision to put the Shops at Liberty Place up for sale is part of a broader strategy to focus on core investment priorities. "A potential sale would allow new ownership to build on that momentum with fresh capital and ideas," he said, adding that it will also enable Metropolis to concentrate on its office portfolio in select cities.
As the retail landscape continues to evolve, one thing remains certain: the Shops at Liberty Place is a prized asset in Center City Philadelphia, commanding attention from potential buyers looking to capitalize on its enduring popularity.
I mean, who wants all that foot traffic and prime real estate? It's just a hassle, you know? The owners are probably just trying to get out from under all those leases. And let's be real, with the retail apocalypse happening everywhere else, there's no way this place is worth over $150 million 
. Mark my words, it'll be some soulless corporation that buys it and turns it into a cookie-cutter chain mall. The charm of Liberty Place is what made it special in the first place – all those unique tenants are what drew people in! 
️ I'm not surprised Metropolis is selling off the Shops at Liberty Place 
. It's like they're trying to pass the buck before their five-year lease deals expire 
. Meanwhile, other real estate firms are getting rich off these types of sales 
. Are we prioritizing retail space over office spaces? Or is it about finding ways to make those old malls more appealing in a changing market? It'll be fascinating to see who ends up buying this iconic property 
.
The mall needs some fresh ideas to attract new customers who are used to online shopping and experiential retail.