Keystone Property Group Sells Philadelphia-Area Asset
- Jan 21, 2021
FLD Group has acquired 150 Monument Road, an almost fully occupied office building in Bala Cynwyd, Pa. Previous owner Keystone Property Group sold the 132,986-square-foot asset with help from JLL, which marketed the property and procured the buyer. MidCap Financial Services LLC provided acquisition financing.
The office space in the six-story Class A building is split up into approximately 20,500-square-foot floorplates. 150 Monument Road was built in 1979 on a 6.5-acre site and during Keystone’s ownership underwent a $6 million renovation. The office property now also offers a four-story on-site parking structure, as well as more than 6,000 additional square feet for retail use.
More specifically, Keystone’s renovation of 150 Monument Road consisted in aesthetic capital improvements including upgrades to the lobbies, bathrooms and common areas, as well as building the four-story parking garage. Designed by Coscia Moos Architecture, the design called for pushing out the entrance wall to create a more open entrance and the development of an improved retail space.
Brett Segal, managing director, and Doug Rodio, senior managing director, led the JLL Capital Markets team that represented the seller.
High occupancy office
Under Keystone’s ownership, the office has reached a 90 percent occupancy through a variety of national and smaller, regional tenants. According to JLL, 50 percent of the tenants have occupied the property for more than 5 years and 35 percent of the tenants exceed 10 years. The four largest tenants also have a weighted average lease term of 4.2 years, according to JLL.
With 150 Monument Road sold to FLD Group, Keystone continues to work on other nearby projects. In Conshohocken, Pa., the company is developing SORA West, a $325 million office project that will rise 12 stories and span more than 400,000 square feet.