Ideas offer hope for Haywood Road rebirth
January 5, 2012Fifth Third Bank moves into S.C. market
January 18, 2012By CRAIG KARMIN And ELIOT BROWN
Penn Mutual Towers, an office complex across the street from Independence Hall in Philadelphia, has seen its vacancy rise and income fall after one big tenant left and another renewed its lease for 15% less than it had been paying. Its creditors are foreclosing on the property, according to data company Trepp LLC.
Similar problems are mushrooming in office markets throughout the country, foreshadowing a new wave of real-estate trouble.
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