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FD Stonewater Enters Greater Philly Market With Conshohocken Office Buy

FD Stonewater Enters Greater Philly Market With Conshohocken Office Buy
River Park 1, the 169K SF office building in Conshohocken

FD Stonewater has entered the Greater Philadelphia market with an office acquisition in Conshohocken.

The Arlington, Virginia-based company specializes in government buildings, but also invests in single-tenant office buildings. The latter interest led it to purchase River Park 1 at 1000 River Road in southern Conshohocken, adjacent to the Miquon stop of the R6 regional rail line.

River Park 1 stands four stories tall and its 169K SF are fully occupied by Reimbursement Technologies Inc., which recently signed a long-term lease extension. The building was most recently renovated in 1999 for RTI's move-in, and FD Stonewater purchased it from Buccini/Pollin Group at an undisclosed price.

A CBRE team of Robert Fahey, Jerry Kranzel and Erin Hannan represented BPG in the transaction, and a CBRE team of Nick Harris and Steven Doherty arranged a CMBS loan for Stonewater to finance the acquisition.