Wilmington-based developer The Buccini/Pollin Group, Inc. (BPG) is pleased to announce the purchase of One Tower Bridge, who closed on the acquisition on Friday, March 31st. 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.
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 classic, 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 plans to invest $9 million of capital improvements in the property which will improve the overall tenant experience throughout the 15-story landmark building. The improvements include garage and plaza renovations, common area restroom and corridor upgrades, ground level lobby enhancements, and exterior façade work.
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.
BPG currently manages 7 million square feet of commercial office space, which includes investments in the Conshohocken office market since acquiring Quaker Park in 2005. BPG also manages Swedesford Park in nearby Wayne.
“It is with great excitement that One Tower Bridge joins the BPG portfolio of best-in-class office, residential, hotel, retail, sports and entertainment projects throughout the United States,” said Chris Buccini, Co-President of The Buccini/Pollin Group. “We remain committed to the office sector overall and the Conshohocken market in particular, which continues to be the location of choice for both nationally-recognized corporations and prominent locally-based tenants. We are honored to continue the legacy of the original developer, Donald Pulver of Oliver Tyrone Pulver Corporation, in managing one of the region’s most prestigious office addresses and providing a home to some of the most prestigious tenants in the region.”
For interest in leasing space, please contact Ken Kearns at (610) 639-1302 or email kk@cadence-advisors.com.
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