This month, Broadway put the property on the sales block at anasking price of $115 million. J. Robert Clemens, EVP and managingdirector of G&E's Philadelphia region, says, "the Acetransaction only enhances the owner's confidence [in our team]…asthe size of the deal will significantly increase the asset'svalue." Jim Egan VP, and Wayne Fischer, SVP, head the G&Eleasing team.

Ace chose Penn Mutual after an "exhaustive search," according toEgan, who attributed the choice to the property's systems,location, views and management. Terms of the lease are undisclosed.When Broadway acquired the building, brokers familiar with themarket told GlobeSt.com the asking rental rate was between $20.05per sf and $23 per sf, a figure that one broker, on condition ofanonymity, now says has not changed, but suggests the effectiverate is lower.

The 880,208-sf property fronts both Independence Park andWashington Square Park. It is an assemblage of three conjoinedbuildings, two of which were completed in 1931 and are neoclassicalin style. The third, a modern structure, was added in 1975, and allthree were fully renovated in the 1990s. Among the other tenantsare Beneficial Savings Bank, BDP International, the American Boardof Internal Medicine, and a large regional office of LippincottWilliams and Wilkins. Robert Fahey, EVP of the local office of CBRichard Ellis, is marketing the building for sale on behalf ofBroadway Partners.