PMC Property Group is reportedly close to acquiring Ten Penn Center at 1801 Market Street, with plans to partially convert the 27-story office tower into residential units, according to multiple industry sources.
As Philadelphia’s largest apartment owner, PMC has a track record of office-to-residential conversions, including a recent project at Three Parkway in Center City.
Public records show two new entities — Ten Penn Center Upper Unit Associates LLC and Ten Penn Center Lower Unit Associates LLC — were registered on June 11, both listing PMC’s Philadelphia office address.
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