Newmark Grubb Knight Frank (NGKF) has been named exclusive leasing agent for Penn Mutual Towers, a historic office complex that was recently purchased by a partnership sponsored by Rubenstein Partners.
The three-building, Class A property spans 850,000 square feet at 510-530 Walnut Street in the heart of the historic section of Center City. It also features a two-level underground parking garage. The property overlooks Independence Mall and Washington Square and is steps away from Independence Hall, Federal Courthouses, high-end housing, hotels, restaurants, and historic and cultural sites. It also is located on a main east-to-west artery and is close to public transit. The property will have approximately 190,000 square feet available with spectacular views of Independence Hall, Washington Square and the Ben Franklin Bridge, as well as the City skyline.
“We believe that this is the premier building in a dynamic submarket with limited opportunities for tenants looking for high quality office space,” said David Rubenstein, founder and senior managing principal of Rubenstein Partners, representing the new ownership of the building. “We are excited about the potential of both the property and the Class A office market in Center City.”
Rubenstein Partners plans a significant investment to modernize the building’s systems and upgrade its lobbies and other common areas. The recent acquisition of the property also marked the return to the Center City office market and a vote of confidence in the area by Rubenstein Partners, who was the largest owner of multi-tenant Class A office space in the CBD during parts of the 1990s.
“The capital investment shows how committed Rubenstein is to restoring this historic landmark office building to its previous prominence,” said Jack Soloff, senior managing director at NGKF. “After years of transitional ownership due to capital structure issues, we now have the complete opposite situation with the financial strength and market reputation of the Rubenstein-sponsored partnership. This property is positioned to move to the next level and stand as an example of best in class in this market.”
Mr. Soloff will work with Executive Managing Directors Jim Mullarkey and Wayne Fisher and Director Les Haggett on the leasing.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm focused on directing and managing value-added office real estate investments, primarily in the eastern U.S. On behalf of its investors, Rubenstein has invested in more than 8.5 million square feet of office real estate assets located in New England, metro New York, the mid-Atlantic, Midwest and Southeast. www.rubensteinpartners.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.