In the late 1980s, an office building boom in the Market Street West neighborhood of Center City was attracting tenants looking for larger office space away from the older PSFS Building. By 1992, the building was 85 percent vacant and in December of that year the Federal Deposit Insurance Corporation (FDIC) seized Meritor Financial Group and sold off the rest of its bank branches to Mellon Bank. The FDIC took control of Meritor's remaining assets including the PSFS Building. The FDIC was not the sole owner of the building since Meritor had, by the 1990s, sold off interest in the building to several partners.