Amid one of the toughest periods in memory for downtown office, a Class-A office building in one of Philly's most desirable suburban submarkets has traded hands.
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Buccini/Pollin Group acquired One Tower Bridge in Conshohocken from Oliver Tyrone Pulver in a transaction that closed March 31. The Wilmington-based BPG plans to undertake $9M of renovations on the 15-story, 272K SF office tower on the Schuylkill River waterfront.
The building traded for $59M, or about $217 per SF, the Philadelphia Business Journal reports. The sale hasn't yet published in Montgomery County property records.
Oliver Tyrone Pulver developed the building at 100 Front St. in 1989, when it was the first modern Class-A office project in Conshohocken. The building, which is 92% occupied, still has 65% of its initial tenant roster from 34 years ago. Oliver Tyrone Pulver has since developed several more buildings in the cluster, most recently Seven Tower Bridge.
SALES
A Fishtown developer has sold a 24-unit apartment building with 5K SF of ground-floor retail and on-site parking it has nearly completed at 2201 Frankford Ave. The $9.4M 1031 exchange with a private family office was brokered by Scope Commercial Real Estate. The buyer paid in cash, allowing all parties to sidestep the ongoing nationwide collapse in the multifamily investment market.
CONSTRUCTION
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Brandywine Realty Trust has revealed new details and a new target opening date for the residential portion of 3025 John F. Kennedy Blvd., the first ground-up component of its long-gestating Schuylkill Yards development district. New York-based The Gotham Organization is Brandywine's partner on the residential portion.
Called Avira, the 18-story, 326-unit multifamily project will contain a mix of studio, one-, two- and three-bedroom units, including bi-level penthouse residences with private rooftop terraces, when it opens this summer. It sits atop a 10-story pedestal containing 200K SF of yet-to-be-leased life sciences or office space and 9K SF of retail.
Overall, the building will contain 29K SF of amenity space and a 120-car garage, and it will sit next to a 7,500 SF park.
***MMPartners has broken ground on a new 24-unit apartment building at 1701 Fairmount Ave. in Fairmount, Philly YIMBY reports. The development replaced a beer distributor, which will return to occupy its ground-floor retail space.
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