Nonprofit Signs 40K SF Office Lease In Philly Suburbs
The National Philanthropic Trust has inked a sizable new lease in suburban Philadelphia’s hottest office submarket.
The nonprofit is moving into 40K SF at 2 Ash Street in Conshohocken. The property, also known as Three Tower Bridge, is owned by Gladstone Commercial Corp.
NPT and its broker, CBRE, considered properties in Center City, Plymouth Meeting and King of Prussia before settling on the new space.
“Conshohocken ultimately offered the strongest balance of affordability, accessibility, and a lively, walkable town center with appealing restaurants and amenities,” NPT CEO Holly Welch Stubbing said in a statement to Bisnow.
“Equally important, Conshohocken provided the perfect blend of the philanthropic sector in terms of the many foundations and nonprofits in and around the area and the private sector — especially financial services.”
The organization is still determining its move-in timeline. NPT has been operating out of 25K SF at 165 Township Line Road in Jenkintown since it was founded 27 years ago. A spokesperson for the organization declined to share whether it will vacate the Jenkintown space.
NPT bills itself as “the nation’s largest independent sponsor of donor-advised funds.” It manages $57.1B in charitable assets and has made more than 935,000 grants worth roughly $38B.
Gladstone purchased the 60K SF Three Tower Bridge complex for $15.5M in 2017. The building, completed in 1997, was fully occupied by Jacobs Engineering Group at the time of the sale.
Jacobs will be vacating the space NPT is taking, Gladstone Director Gregory Yayac said.
“We are very excited to welcome NPT to the building and look forward to having them as a long-term tenant,” Yayac said in an emailed statement to Bisnow.
NPT’s lease was the largest deal in the Philly suburbs last quarter, according to Cushman & Wakefield’s Q4 report on the market.
The brokerage found that the Schuylkill Corridor submarket, including Conshohocken, far outperformed the rest of suburban Philadelphia last year. It posted nearly 21K SF of positive net absorption in 2025, while the larger market's move-outs exceeded move-ins by 1.4M SF.
The Schuylkill Corridor had a 14.4% vacancy rate and average asking rents of $42.52 last quarter, while suburban Philly at large had 22.5% vacancy and $28.46 asking rents.
Two renewals rounded out Cushman’s list of the three largest deals in the Philly suburbs last quarter. Harmony Biosciences is staying in the nearly 36K SF it leases at 630 W. Germantown Pike overlooking the Plymouth Meeting Mall, and law firm Fox Rothschild is keeping its roughly 31K SF at 747 Constitution Drive in Exton.
