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JV Pays Rubenstein $75M for 10 Penn Center

PHILADELPHIA-The Sterling American Property/Greenville Partners JV plans to invest $15 million in upgrading the 27-story, 667,825-sf building on Market Street and lease up the 12 top floors Sunoco abandoned in 2005.

By Marita Thomas | Updated on October 27, 2006

PHILADELPHIA-A joint venture between Sterling American Property Inc. and Greenville Partners LLC has acquired 10 Penn Center for $75 million, or just north of $112 per sf, from the locally based Rubenstein Co. The new owner plans to invest $15 million in renovations.

Radnor Corp., then a subsidiary of Sunoco, developed the 27-story, 667,825-sf office building at 1801 Market St., designed by Skidmore Owings & Merrill, in 1980. According to public records, Rubenstein acquired the asset in June 1994 for $10 million. It served as Sunoco’s headquarters for many years. However, as GlobeSt.com previously reported, Sunoco exited the building for Mellon Center in fall 2005, leaving the top 12 floors, or approximately 400,000 sf, vacant.

Renovations will encompass the main entrance, floor lobbies, elevators, all common and tenant areas, and upgrades to the exterior plaza on 18 Street, including new stonework, outdoor furniture and planters. “We look forward to reinvigorating it and repositioning it as a class A property,” Robert Watman, VP of acquisitions for New York City-based Sterling, tells GlobeSt.com. “This is a signature asset in Market Street West, the epicenter of the CBD.”

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