Sterling partners with Greenville for $75m PA buy.

PHILADELPHIA, PA: Sterling American Property Inc., in a joint venture with Greenville Partners LLC, announced the $75 million acquisition of Ten Penn Center, a 27-story, 667,825s/f office tower located at 1801 Market Street in Philadelphia. Robert Watman, Sterling American senior vice president of acquisitions, led the investment team.

"Ten Penn Center is a signature asset located in Market Street West, the epicenter of Philadelphia's CBD," said Watman. "We look forward to reinvigorating this Class A property with a $15 million capital investment and reintroducing it to the marketplace."

The property's top 12 floors are currently available for lease, providing the new ownership with the ideal value-add opportunity. Sterling American and Greenville Partners have appointed Grubb & Ellis as the exclusive leasing and managing agent for the property.

Sterling's planned capital improvements include full renovation of common and tenant areas, the main entrance, floor lobbies and elevators. The plan also includes upgrades of the exterior plaza located.

"Ten Penn Center is an exceptional building in that it was originally designed and constructed as a corporate headquarter," said Daniel Philip Busch, managing member of Greenville Partners. "The building's specifications exceed that of many of its counterparts which were built in the last 15 years and it offers, among other features, safety and engineering components not seen in more recent construction. It was the first commercially owned office building in Philadelphia to win the Energy Star award]--22 years after it was built!"

"We are excited to be representing this asset which presents a unique opportunity for the right users," said Wayne Fisher of Grubb & Ellis, who will be working with Jack Soloff in leasing the office space.