Ace Lease Lifts Penn Mutual Towers' Occupancy to 94%

PHILADELPHIA-Ace American Insurance inks a multi-year lease for 156,150 sf in Penn Mutual Towers, taking the building’s occupancy to 94%. New York-based Broadway Real Estate Partners bought the office property at 510-530 Market St. here for $84.5 million in August 2003 and a team from the local office of Grubb & Ellis has taken occupancy from 79% to its current level.

This month, Broadway put the property on the sales block at an asking price of $115 million. J. Robert Clemens, EVP and managing director of G&E’s Philadelphia region, says, “the Ace transaction only enhances the owner’s confidence [in our team]…as the size of the deal will significantly increase the asset’s value.” Jim Egan VP, and Wayne Fischer, SVP, head the G&E leasing team.