by Steve Lubetkin, Globest.com
Equus Capital Partners has acquired Five Tower Bridge, a trophy office development in the West Conshohocken submarket of Philadelphia, for $75.65 million from local developer and investor MIM-Hayden Real Estate Fund I.
The purchase includes an existing eight-story, 222,058-square-foot class A office building located at 300 Barr Harbor Drive.
$48 million financing package was arranged a for the buyer through Metlife.
“This building is widely considered to be the premier office tower in the suburbs and has the added attraction of offering the value-add opportunity to develop an additional building in a prime riverfront location within one of the most desirable submarkets in the region."
Five Tower Bridge was built in 2001 and is sited in a transit-oriented, live-work-play market with excellent access to the region’s major roadways. The property is just a 25-minute drive from Center City.
www.omegare.com
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