230 N 2nd Street, the former power plant to the Wilbur Chocolate Factory, presents a rare opportunity to acquire a character-rich, multi-tenant creative office asset in the heart of Old City, Philadelphia. This ±28,470 SF historic brick building blends authentic loft-style architecture with institutional-grade upgrades, currently accommodating a diverse mix of creative offices, production studios, and event space. The property features high ceilings, open floor plates, and flexible layouts, allowing for a wide range of configurations suited for office, studio, event, retail, hospitality, or hybrid uses under CMX-3 zoning. Over nearly three decades of ownership, the asset has undergone significant capital improvements, including 15 HVAC systems, separate utilities, upgraded life-safety systems, and a restored 200-foot iconic smokestack offering exceptional branding visibility with potential ancillary signage income. Strategically located just north of Market Street with proximity to major landmarks and transit corridors, the property benefits from strong tenant demand and foot traffic in one of Philadelphia’s most historic and vibrant neighborhoods. The asset is well-suited for a variety of uses, including a single tenant headquarters or a multiple tenant commercial building. An investor can capitalize on the property’s existing improvements and Old City address while pursuing future upside through strategic lease-up, reconfiguration of interior spaces, and capturing market-rate rents over time.
