Wednesday, December 23, 2015

Four Falls comes on the market

Natalie Kostelni, Reporter, Philadelphia Business Journal
A year after Arden Group bought Four Falls Corporate Center in West Conshohocken, Pa., for $44.3 million, the Philadelphia real estate investor has decided to put the office complex up for sale and estimates trading it at a premium.

The property consists of two, six-story buildings — 100 Four Falls and 200 Four Falls — totaling 254,000 square feet of office space. CBRE Inc. is marketing it for sale.

During Arden’s ownership, the complex underwent $3 million in renovations.

Constructed in 1987, its lobby, common corridors and exterior were starting to show their age and the market was responding. Tenants found space in other, newer buildings in the same submarket. Four Falls is about 70 percent occupied.

Work was done to its entrance, lobby, elevators and common areas. The Hub, a company that provides meeting and co-working space, leased 8,000 square feet but also uses the building’s atrium and outdoor patio spaces for its use.

Four Falls was a pioneering building when it was constructed.

It essentially kicked off the Conshohocken office market and provided executives who lived along the Main Line something they didn’t have – an office close to home. Tenants who could afford the rent, flocked to it.

The complex went through some rough patches as newer buildings came on the market and when Arden bought it, it was in receivership. Some estimates have it trading this time for around $68 million.

Its sister property across the street, 300 Four Falls, was put up for sale last summer and is under agreement by Hayden Real Estate Investments.
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