Thursday, April 6, 2023

Buccini/Pollin buys Conshohocken's One Tower Bridge for $59M

 Paul Schwedelson Reporter - Philadelphia Business Journal

One Tower Bridge in Conshohocken was constructed in 1989.

Buccini/Pollin Group Inc. has bought One Tower Bridge, a 15-story office building in Conshohocken for $59 million.

Wilmington-based Buccini/Pollin plans to invest $9 million into the 271,678-square-foot property by renovating the garage, plaza, common area restroom and corridor, lobby and façade.

The sale closed on Friday. Oliver Tyrone Pulver and its partner, an institutionally managed firm.

The building sits at 100 Front St. along the Schuylkill River and was built in 1989 by Oliver Tyrone Pulver Corp. It was the first of the Tower Bridge cluster of buildings and helped spark the Conshohocken office submarket. Seven Tower Bridge was completed in 2021.

One Tower Bridge is 92% leased with tenants including Morgan Stanley and other financial services and investment management companies. The building has retained 65% of the tenants that leased space when it was built.

“This investment is right down our strike zone,” said Chris Buccini, who is co-President of Buccini/Pollin. “We’ve always been hyper focused on the Greater Philly region, number one. We’ve been in Conshohocken for 18 years now. We still own Quaker Park and we’ve always had great success in that market. We love that submarket.”

Buccini/Pollin Group has specialized in Class A and best-in-class assets, said Buccini, noting there’s more demand now for high-end office space than there was before the Covid-19 pandemic.

In 2022, Class A deals accounted for more than three-and-a half times as much space leased than Class B.

Buccini/Pollin manages 7 million square feet of commercial office space. It bought Quaker Park in Conshohocken in 2005 and manages Swedesford Park in Wayne. One Tower Bridge is the first office building Buccini/Pollin has bought since the start of the pandemic. Buccini called it “an iconic building” and the planned $9 million renovations are to “give it a refresh. We don’t want to change it.” Buccini/Pollin Group typically owns properties for well more than 10 years, Buccini said, so the upgrades are meant to have a long-lasting impact.

One Tower Bridge was put up for sale in 2020 and at one point was under contract to sell to Brandywine Realty Trust for nearly $100 million, according to industry sources.

Buccini/Pollin Group’s core office market spans throughout the mid-Atlantic region and south to Nashville and west to Pittsburgh. Buccini said the company would consider buying more office properties if it fit the top-tier criteria it typically looks for.

“If you’re trying to get people back into the office or trying to retain and attract talent, the workspace has become much more important,” Buccini said.

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