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PHILADELPHIA-The Philadelphia Park Turf Club has inked a renewal for the 22,727 sf it has occupied since 1988 on the ground floor of Seven Penn Center. The club is a restaurant and Center City’s only off-track betting parlor.

This is Park Turf Club’s second renewal in the 286,000-sf office building at 1635 Market St. Stephen Perna, a principal of locally based PernaFrederick Commercial Real Estate, says, “it will continue the club’s presence in the building into the next decade.”

Perna represented the owner, Arden Seven Partners, a private real estate investment entity of the locally based Arden Group, and was the sole broker in this transaction. He declines to disclose either the term or the value of the renewal. Additional retail tenants include a branch of Pennsylvania Business Bank, Old Original Turkey and Pot Belly Sandwich Shop. Effective retail rents in Philadelphia County average $17.90 per sf, according to a mid-year report from the local office of Marcus & Millichap.

The 21-story Seven Penn was built in 1966 as part of the multi-building Penn Center complex, and Arden acquired it for an undisclosed price in 1996. The owner briefly considered marketing the building for sale in July 2006, but later took it off the market and, instead, refinanced the property that November.

This February the Washington, DC-based law firm of Williams & Connolly LLP established it first Delaware Valley office in a 10,000-sf space in the building, and BioKinetics renewed its 28,660-sf lease until June 2012. The two transactions took occupancy to 90%.

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