The sale of Ten Penn Center is now complete, closing a $30 million deal, writes Paul Schwedelson for the Philadelphia Business Journal.

PMC Property Group acquired the 27-story, Center City building from a partnership between two firms, Sterling Equities in New York and Greenville Partners based in West Chester.

This sale close comes more than three months after it was first announced that PMC was nearing a deal to purchase the building.

At the time, it was also announced that the firm planned to convert the office building into residential.

The building was last sold in 2006 for $75 million. The significant discount it sold for this time around follows a post-pandemic pattern seen by other Center City office properties planned for redevelopment.

Ten Penn Center is located in an area that is on the cusp of a residential boom, with more office buildings being converted — completely or partially — into apartments.

PMC is the largest owner of apartment buildings in Philadelphia and has long specialized in converting office buildings into residential. It recently converted several floors of the Three Parkway building from office space to apartment after acquiring it last year.

Read more about the closed sale of Ten Penn Center and influx of Center City buildings being converted in the Philadelphia Business Journal.