A Philadelphia developer is poised to grab yet another property Downtown, its fifth in the last two years.
PMC Property Group has signed a sales agreement with Alco Parking president Merrill Stabile to buy the Jackman Building at 526 Penn Ave. next to the Penn and Sixth Street parking garage in the Cultural District.
The 10-story building has been largely vacant since the Art Institute of Pittsburgh moved out a decade ago. The first floor houses a Subway sandwich shop and Quest Diagnostics. Floors 2 through 10 are empty.
Mr. Stabile said PMC plans to convert the upper floors into apartments, just as it has done or plans to do with several of the other buildings it has acquired.
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