Ron Caplan Of PMC Property Group Purchases Office Building In Philadelphia For $30 Million

The office asset, located at 3 Benjamin Franklin Parkway in Philadelphia, was sold for $30 million. The building encompasses a total square footage of 561,351, resulting in a price per square foot of $53. Previously, the property was 86% occupied and was sold for $95 million in 2017; it is now only 40% occupied.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $30,000,000
• Address: 3 Benjamin Franklin Parkway, Philadelphia
• Square Footage: 561,351
• Price Per Square Foot: $53
• Buyer: Ron Caplan - PMC Property Group
• Seller: MRP Realty

Ron Caplan, representing PMC Property Group, has acquired the property and intends to convert part of the office space into 175 apartments. MRP Realty was the selling entity in this transaction.