AREP Acquires PA Office Tower for $108M
- Oct 17, 2018
American Real Estate Partners has acquired Eight Tower Bridge, a 346,659-square-foot office tower in Conshohocken, Penn., for $108 million. NKF represented the seller, international investment firm Barings.
Located at 161 Washington St., the 16-story asset also has a seven-story, 1,200-space parking garage and is home to tenants like Marsh & McLennan Companies, Allied Universal, Penn Mutual, AMG Funds and Airgas. Eight Tower Bridge is situated about 15 miles from Philadelphia, is adjacent to the SEPTA Regional Rail line and offers easy access to interstates 76 and 476.
An NKF team of Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Director James Tribble oversaw the transaction, in conjunction with Senior Managing Directors Michael Margolis and David Dolan, and Managing Directors Dave Garonzik and Michael Maloney.
“Featuring efficient floor plates averaging 24,000 square feet, Eight Tower Bridge offers superior flexibility for a variety of single- and multi-tenant layouts,” Pullen said in prepared remarks. “The asset further benefits from attractive positioning within the 45-acre mixed-use Tower Bridge development, which is directly surrounded by a dynamic ‘live-work-play’ environment.”
In February, an affiliate of AREP acquired 1600 Market St., an 826,000-square-foot office tower in Philadelphia, for $160 million.
Image courtesy of Yardi Matrix