WEST CONSHOHOCKEN, PA — The foundational investors behind Miller Real Estate Fund II have fully repaid the maturing CMBS loan on 401 Market Street, a prominent mixed-use property overlooking Independence Mall in Center City Philadelphia. The repayment, completed October 6, 2025, returns the building to unencumbered ownership and sets the stage for a major strategic repositioning.
The eleven-story, 523,000-square-foot tower — officially listed as 101 N. Independence Mall East — occupies one of the most visible corridors in the city. Built in 1973 and situated on 1.8 acres, the property boasts nearly 200 feet of frontage along Independence Mall, offering rare exposure in a district poised for national attention during the United States’ 250th anniversary celebrations in 2026.
With the CMBS loan retired, Miller Real Estate Fund II and its affiliates are now developing plans aimed at enhancing the site’s commercial appeal and long-term value. The property’s scale, location, and signage potential position it as a prime candidate for modernization and mixed-use adaptation.
Miller Investment Management, LP — the SEC-registered adviser that manages the Fund through a wholly owned subsidiary — oversees more than $1.8 billion in discretionary assets and advises on an additional $3.8 billion across real estate, private equity, and public markets. Founded in 1998 and headquartered outside Philadelphia with an office in Manhattan, the firm has long maintained a presence in the region’s commercial real estate market.
The full repayment marks a significant milestone for the Fund and provides a clean foundation for repositioning a landmark asset at a moment when Center City is preparing for increased national visibility and civic activity in 2026.
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