PRP, a real estate investment management company based in Washington, D.C., announced today that it closed on a preferred equity investment in the office building at SORA West, the future headquarters for AmerisourceBergen in Conshohocken. According to the Philadelphia Business Journal, the deal involved just under $340 million and PRP obtained 89% interest in the building.
The 429,122 square foot office building is part of the 520,000 square foot SORA West project being developed by Keystone Property Group. AmerisourceBergen will be consolidating from two riverfront office buildings in Conshohocken as well as its current headquarters in Chesterbrook. Serving as an anchor for the SORA West mixed-use development, the 11-story building includes office and amenity space and two lower levels of parking. The new headquarters is expected to house approximately 1,500 AmerisourceBergen associates. Amenities in the building will include a fitness center, on-site dining services, a training facility, and a community plaza on the lower floors.
“PRP was provided the opportunity to participate in this transaction with Keystone Property Group through a preferred equity investment,” stated Paul Dougherty, President of PRP. “Building upon our existing $2.5B net lease portfolio, the Gensler-designed AmerisourceBergen building is literally the finest building in the state of Pennsylvania. We are thrilled to be part of such a terrific development.”
“PRP’s investment underscores Keystone’s ability to envision the corporate headquarters of the future, and create a workplace that meets the demands of a post-COVID world,” said Bill Glazer, Founder and CEO of Keystone Property Group. “Our ability to partner with a top 10 Fortune-100 company and deliver on their expectations attracted an investment that sets the market not only for suburban Philadelphia but corporate centers throughout the country.”
In addition to the office building that will be home to AmerisourceBergen’s headquarters, there will be a 127 room Tapestry Collection by Hilton hotel called Hotel West + Main, a repurposed 146-year-old historic firehouse with a first-floor dining experience and second-floor gastropub, an amphitheater and public plaza for events and live music, and a 1,500-space public and private parking garage.