Iron Hill Brewery to Return to 1150 Market Street Under New Management

Iron Hill Brewery & Restaurant will reopen in its former Center City space at 1150 Market Street, returning to the East Market development after the chain’s shutdown and bankruptcy proceedings. The relaunch will take place under new management and owners of the building say the site will receive "thoughtful upgrades."

National Real Estate Advisors, which owns the property and is overseeing the space repositioning, confirmed the lease for the Market East location was transferred to a new tenant entity called IHB Center City following approval from the U.S. Bankruptcy Court for the District of New Jersey. The court also authorized Rightlane to assume ownership of Iron Hill’s trademarks and intellectual property, a move that clears legal obstacles to reopening under the Iron Hill brand. "Iron Hill has been a long-standing part of East Market, and we’re pleased to bring them back to the community," said Patrick Reilley, senior director of asset management at National Real Estate Advisors.

The Center City site originally opened in September 2018 as part of the $1 billion East Market mixed-use project between 11th and 12th Streets and Market and Chestnut Streets. The restaurant footprint measures roughly 8,500 square feet and can host about 250 guests, positioned to capture foot traffic from the nearby Pennsylvania Convention Center and downtown visitors.

The reopening follows a turbulent year for Iron Hill. The chain filed Chapter 7 bankruptcy last year and closed its Center City restaurant in September along with other company locations. Accounts differ on the full scale of the chain’s collapse: one account described Iron Hill as a 19-restaurant operation, while another counted the Center City location among 16 closures. In the months after the shutdown there were multiple asset sales and ownership changes, including a reported November purchase of many chain assets for $12 million by Illinois restaurateur Jeff Crivello under a newly formed IH Restaurants LLC. Those transactions have produced a complex ownership picture for former Iron Hill sites nationwide.

For the local beer community, the Center City reopening matters on several levels. It restores a high-visibility brewpub space in a part of town that city officials and businesses hope to re-energize, it adds hospitality jobs, and it revives a downtown taproom that in prior years featured flagship beers such as Philly Special IPA and Local Lager. The extent of menu continuity, which staff return and the precise scope of the planned upgrades remain to be confirmed.

Expect more details on operator identity, an official opening date and the beer program in coming weeks. For commercial leasing or retail-space inquiries related to East Market, contact WCRE at 215-799-6900, WCRE corporate office 856-857-6300, or info@wolfcre.com.