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Broadway Partners Closes on $82M Penn Mutual Acquisition

PHILADELPHIA-The conjoined neoclassical and brutalist style buildings total 849,308 sf of class A office space across from Independence Square. The property is 85.9% occupied, and the asking rental rate is about $22 per sf.

By Marita Thomas | Updated on September 18, 2003

PHILADELPHIA-Greenwich, CT-based Broadway Real Estate Partners buys 849,308-sf Penn Mutual Towers for $82 million. At $96.55 per sf, the price is comparable to other recent Center City sales. One Penn Center and One South Broad, for example, recently changed hands for $89 per sf and $103 per sf, respectively.

Penn Mutual consists of two joined structures that span from 508 to 530 Walnut St. across from Independence Square. To the west is Washington Square, and to the east is an adjacent, developable land parcel, “which we intend to actively market for sale,” says Larry Botel, Broadway’s COO and managing director. Broadway also purchased an adjacent, 600-car, underground garage.

Penn Mutual Life, a 20-story, neoclassical building, was completed in 1931 and joined in 1975 by a 22-story, then-controversial, concrete and glass, brutalist-style structure, designed by architect Mitchell Guirgola. The entire facility was extensively renovated in the 1990s.

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