PMC Property Group, the largest apartment owner in Philadelphia, has closed in on acquiring Ten Penn Center, write Ryan Mulligan and Paul Schwedelson for the Philadelphia Business Journal.
The potential acquisition comes more than six months after the 27-story office building was placed on the market.
At the time, the building was 60 percent occupied.
Once the acquisition is complete, PMC plans to partially convert the office building into residential units.
PMC has a long history of converting buildings to residential.
Recently, the firm converted the Three Parkway building in Center City into a residential building.
The Ten Penn Center is the largest tower on Market Street to be put on the market since the start of the pandemic.
This was the first time the building went up for sale since 2006.
A recent City of Philadelphia assessment listed the building at $84 million.
Read more about the Ten Penn Center and PMC Property Group’s plans for the tower once its acquisition is complete in the Philadelphia Business Journal.
