Philadelphia Business Journal has recognized One Tower Bridge as one of the Best Office Real Estate Deals of 2023!
Wilmington-based developer Buccini Pollin Group, Inc. (BPG) purchased the landmark office building One Tower Bridge on Friday, March 31,2023. Located at 100 Front Street in Conshohocken, Pennsylvania, the 271,678 square foot Class-A office tower is situated along the Schuylkill River in the highly desirable suburban submarket of Philadelphia.
BPG acquired One Tower Bridge from the Oliver Tyrone Pulver Corporation and its partner, an institutionally managed firm, for $59 million.
Built and designed by Skidmore, Ownings & Merrill in 1989 as the first major keystone project to establish the Conshohocken Class-A office market, One Tower Bridge features timeless architectural design, 360-degree panoramic valley and river views, and convenient tenant and visitor access with 799 available parking spaces onsite. Building amenities include a fitness center with locker rooms and showers, an outdoor terrace, and a multi-purpose room.
BPG is investing $12 million of capital improvements in the property to enhance the overall tenant experience throughout the 15-story building. The improvements add new hospitality-style amenities including a tenant lounge, enhanced sun-lit lobby with seating and coffee bar, and upgraded fitness center. These experiential upgrades will complement plaza renovations, common area restroom and corridor upgrades, and exterior façade work.
The acquisition of One Tower Bridge demonstrates BPG’s confidence in the office sector despite global concern’s about the viability of commercial real estate, which was plagued by slow return-to-work policies and compounded by high interest rates and a difficult lending environment.
BPG saw One Tower Bridge as a unique opportunity to acquire a best in-class A+ office building in the highly desirable suburban submarket of Philadelphia. While Center City properties continue to experience high vacancy rates, One Tower Bridge has been among the most stable office properties in the region, having retained 65% of the tenants that leased space after initial construction 33 years ago. Anchored by Morgan Stanley, the Property is currently 92% leased to a diversified tenant roster, which includes some of the most prestigious financial services and investment management companies in the region.
The $12 million investment in capital improvements at One Tower Bridge highlights industry trends to inject hospitality into office buildings. The tenant experience is top of mind as more and more companies urge employees back to work. Highly amenitized office buildings are more attractive to companies that are looking to attract, retain, and inspire their workforce.
BPG has hired the original architecture firm Skidmore, Ownings & Merrill to design the renovation plans. As a pioneer in commercial office design, SOM will apply their extensive industry expertise to update One Tower Bridge for the modern workforce while still maintaining the building’s integrity.
The purchase of One Tower Bridge also signifies Buccini Pollin Group’s continued commitment to the office sector. BPG currently manages 7 million square feet of commercial office space in the Mid-Atlantic region, which includes investments in the Conshohocken office market since acquiring Quaker Park in 2005. BPG also manages Swedesford Park in nearby Wayne.
