Radnor Corp., then a subsidiary of Sunoco, developed the27-story, 667,825-sf office building at 1801 Market St., designedby Skidmore Owings & Merrill, in 1980. According to publicrecords, Rubenstein acquired the asset in June 1994 for $10million. It served as Sunoco's headquarters for many years.However, as GlobeSt.com previously reported, Sunoco exited thebuilding for Mellon Center in fall 2005, leaving the top 12 floors,or approximately 400,000 sf, vacant.

Renovations will encompass the main entrance, floor lobbies,elevators, all common and tenant areas, and upgrades to theexterior plaza on 18 Street, including new stonework, outdoorfurniture and planters. "We look forward to reinvigorating it andrepositioning it as a class A property," Robert Watman, VP ofacquisitions for New York City-based Sterling, tells GlobeSt.com."This is a signature asset in Market Street West, the epicenter ofthe CBD."

Watman says Sterling will work closely with Greenville, which isbased here and headed by Daniel Philip Busch. Because the buildingwas designed and constructed as a corporate headquarters, Buschsays it has safety and engineering components that exceed those inmore recent construction. He points out that Ten Penn was the firstcommercially owned office building here to win the Energy Staraward, "22 years after it was built."