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…. Read more »
Plans to build over 400 apartments near City Avenue in Bala Cynwyd are advancing on the grounds of a recently cleared former office building. Houston-based developer Hanover Co. acquired the 8.5-acre property at 111 Presidential Blvd. for $21.3 million from Amerimar Realty Co., as confirmed by Montgomery County property records. The Bala Pointe Office Center,… Read more »
Office landlords nationwide continue to face numerous challenges in the post-pandemic recovery, yet one Philadelphia developer is finding renewed optimism with a gradual rise in leasing activity. Brandywine Realty Trust, a Philadelphia-based REIT, reports increased touring and leasing across its U.S. office portfolio as companies regain confidence in expanding their real estate presence. CEO Jerry… Read more »
