One Crown Way in Philly Changes Hands

The asset was built in 1996 and it currently serves as headquarters for the seller, which will lease it back until its relocation.
One Crown Way, Philadelphia
One Crown Way, Philadelphia

Philadelphia-based packaging giant Crown Holdings announced the disposition of One Crown Way, a 238,000-square-foot office building located at 1 Crown Way in Philadelphia. The buyer was One Crown Properties LLC, an entity affiliated with Sant Properties. The building traded in a sale-leaseback deal, as it currently harbors the seller’s headquarters. Crown Holdings plans to lease it back on a short-term basis until its relocation. The owner was represented by CBRE Senior Vice President Michael Kane, while Managing Director Carl Gersbach acted on behalf of the buyer. Kane will also handle the leasing for the property.

“We’ve had tremendous interest in the building from the market from both large and small users. This is a trophy-class asset with trophy-class amenities,” Kane said in a prepared statement.

One Crown Way was built in 1996 by Nason and Cullen Construction and it was designed by award-winning firm Ballinger Architects. The asset sits on 40 acres and according to Yardi Matrix, it encapsulates 509 parking spaces. Amenities include a full-service cafeteria, fitness center, underground executive parking and a half-mile walking trail.

The building is surrounded by retailers, cafes, schools, sport fields and fitness centers and it provides easy access to main roads such as Woodhaven Road and Delaware Expressway, being a 10-minute drive away from Northeast Philadelphia Airport. The transportation is facilitated by multiple bus stations located within walking distance.

Similar recent deals in the area include the sale of Devon Square and 1150 Northbrook Drive.

Image courtesy of Yardi Matrix