Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Broadway Real Estate Partners has put Penn Mutual Towers up for sale at an asking price of $115 million or just over $135 per sf. The New York-based company acquired the three conjoined buildings at 520-530 Markets St. in late August 2003 for $84.5 million from a joint venture between Dallas-based Lincoln Property Co. and Whitehall.

At the time, the acquisition included not only the 849,308-sf office complex, but also an 18,315-sf adjoining, undeveloped land parcel. Since then, Broadway sold the parcel to a locally based developer for an undisclosed price. At the current asking price, not counting the sale of the adjoining parcel, Broadway would realize a gain of more than $30 million or $36 per sf.

Robert Fahey, EVP of the local office of CB Richard Ellis, is marketing the office complex. “The property was 85% leased when Broadway bought it, and it faced the loss of about 65,000 sf by a major law firm,” Fahey tells GlobeSt.com. “Since then they significantly enhanced the rent roll and added Ace, a major, creditworthy tenant, with 160,000 sf, and taken occupancy to 93%. They accomplished their plan.” Fahey says he’s had interest from both regional and national prospects.

The earliest of the structures, Penn Mutual Life, is a 10-story neoclassical building across from Washington Square Park that was joined in 1931 by a comparably styled 20-story building. In 1975, a 22-story contemporary concrete and glass structure was added, facing Independence Hall. The entire complex was fully renovated in the 1990s. An adjacent 600-car underground garage is included with the property.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.