Wednesday, August 28, 2019

New owner for Four Falls office complex

Natalie Kostelni Reporter Philadelphia Business Journal
Keystone Property Group has acquired Four Falls Corporate Center, a two-building office complex in West Conshohocken for an estimated $50 million.

Keystone purchased the complex, which includes 100 and 200 Four Falls Corporate Center, in a joint venture with Arden Group, which bought the building in 2014 for $44.3 million and continues to have an ownership stake in the property.

The buy fits in with Keystone’s portfolio. The real estate company has its headquarters in Conshohocken and is developing Sora West, a $325 million mixed-use development that will be the new headquarters for AmerisourceBergen. It also focuses on buying value-add real estate that needs either leasing or cosmetic work.

“It was a good opportunity and we like the location and area,” said Rich Gottlieb, president at Keystone, in an interview. “We felt that we could lease it and make it very successful.”

The company plans to invest “multi-million” dollars in the building to “transform it into a best-in-class trophy office building,” Keystone said in a statement. Gottlieb declined to divulge how much it expects to spend repositioning the complex or confirm the sale price, though sources familiar with the transaction indicated it was around $50 million.
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