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One Washington Square Under Contract For $110M


One Washington Square, a property of three office buildings in Old City, is reportedly under contract for $110M.

The buildings, formerly known as the Penn Mutual Towers, are owned by Rubenstein Partners, which bought them in 2014 and instituted extensive renovations.

Keystone Property Group is in talks to acquire the property, which totals 850k SF, according to the Philadelphia Business Journal. About 130k SF of the complex is vacant, and it looks set to become part of Keystone's Old City presence, which already includes the Dow and Curtis buildings. One Washington Square is on the National Register of Historic Places. [PBJ]