Wednesday, September 19, 2018

Ownership shuffle in Conshohocken as 2 office buildings sell

Natalie Kostelni Reporter Philadelphia Business Journal

Conshohocken is on the verge of seeing several large office buildings trade hands, shaking up the ownership of a little more than a million square feet of space in the submarket.

Equus Capital Partners of Newtown Square is buying Five Tower Bridge, an 8-story, 223,736-square-foot office building at 300 Barr Harbor Drive, according to sources close to the deal. The building is being sold by MIM-Hayden Real Estate Fund I, which is a partnership comprised of Hayden Real Estate Investments and Miller Investment Management that bought the building at the end of 2011 for around $70 million.

The Five Tower property also includes an adjacent developable site that could accommodate a new 220,782-square-foot office building that would front the Schuylkill River.

In another pending deal, American Real Estate Partners of Herndon, Va., is nearing an acquisition of Eight Tower Bridge, a 16-story, 345,000-square-foot building at 161 Washington St., according to a person with knowledge of this transaction. This would be the second office acquisition for American Real Estate in the region. The company bought 1600 Market St. in Center City earlier this year.

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