Ten Penn Center, the 27-story office tower in Center City owned by New York-based Sterling Equities and West Chester-based Greenville Partners, is set to hit the market, writes Paul Schwedelson for the Philadelphia Business Journal.
The 668,000-square-foot building was constructed in 1981 and purchased by its current owners in 2006 for $75 million. The property, which is currently 60 percent occupied, was most recently assessed at $122.8 million.
Last year, Morgan Lewis & Bockius vacated 105,000 square feet of back office space at Ten Penn Center as part of the move to its new headquarters.
Before listing the building, JLL brokers are promoting it as the largest office tower on Market Street to become available since the pandemic. They are also highlighting its potential for residential conversion on the upper floors and leasing opportunities for office and retail on the lower levels.
The building is being listed for sale as industry insiders predict that office sales will gain momentum throughout the year.
The market declined sharply after the pandemic, but sales in Philadelphia began rebounding last year, primarily involving distressed properties.
Read more about Ten Penn Center as it goes up for sale in the Philadelphia Business Journal.
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Editor’s Note: This post first appeared on PHILADELPHIA Today in February 2025.
