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Historic One Washington Square Towers Sold for $114M, Mixed Use in the Works

Keystone Property Group has acquired the buildings

One Washington Square, a set of buildings in Washington Square formerly known as Penn Mutual Towers, has been sold to Keystone Property Group for $114 million.

The developers bought the trio of towers, which are listed on the National Register of Historic Places, from Rubenstein Partners. Keystone plans to turn the ground-floor and mezzanine office space at 530 Walnut into retail.

Currently, the buildings’ tenants include the American Board of Internal Medicine and Urban Engineers. According to Keystone’s website, 100,000 square feet of space is still available.

In a statement, president Bill Glazer said, "This area is indeed historic, but it’s also emerging as one of the city’s coolest hubs that blends culture, entertainment, dining, and business."

Keystone Property Group is no stranger to the neighborhood. In recent years it has acquired the historic Curtis Center next door to One Washington Square, as well as the historic Rohm and Haas midcentury modern building on Independence Mall, which features restaurant tenants like La Colombe and Independence Beer Garden at the ground level.