Maguire Hayden Acquires Conshohocken Office Property

by Steve Lubetkin, Globest.com
An affiliate of Maguire Hayden Real Estate Company has acquired 300 Four Falls, a seven-story West Conshohocken office property, for $98.4 million. The national real estate practice of Philadelphia law firm Cozen O'Connor represented Maguire Hayden in the transaction.

300 Four Falls is the largest class “A” office building in West Conshohocken, according to Newmark Grubb Knight Frank Capital Group, which arranged the sale of the property.

Maguire Hayden is a fully integrated commercial real estate investment and operating firm focused on acquiring, repositioning and managing office, industrial and flex properties throughout the Mid-Atlantic region.

Representing the buyer from Cozen O’Connor were Jeffrey A. Leonard and John P. Schwartz.
Schwartz downplayed published reports that the sale was at essentially the same price investors paid for the property when it was acquired in 2007.

“If you think about when that acquisition happened, it happened at the top of the past market, prior to the Great Recession,” Schwartz tells GlobeSt.com exclusively. “Let’s not forget where we came from not too long ago. To us, it was a high-profile deal in the sense that this is a tremendous, class-A trophy building in a very sought-after suburban Philadelphia office market. This is THE building in West Conshohocken.”

300 Four Falls is prominently visible on the south side of the Schuylkill Expressway that connects Philadelphia with its western suburbs.


John P. Schwartz, Member, Cozen O'Connor real estate practice, Philadelphia
The sellers consisted of 31 tenant-in-common owners, whose investment interests in 300 Four Falls were managed by National Asset Services.

“Each owned an undivided interest in the whole,” Schwartz says.“It’s a common structure that folks use when investing in commercial real estate, but not as common as other forms.”

The sellers were represented by Matthew H. Werthman and Michael K. Coran of Klehr Harrison Harvey Branzburg.

Bank of America, which provided financing for the purchase, was represented by Matthew Robertson and Kevin Sholette of Cadwalader, Wickersham & Taft.
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