Oliver Tyrone Pulver Corporation has announced that it has signed a partnership agreement with American Real Estate Partners and Partners Group to co-develop Seven Tower Bridge in Conshohocken. The building will be a 14-story, 260,000 square foot office tower.
The announcement doesn’t give a date for breaking ground, but it does offer that the building is scheduled to open in November of 2020.
The exact location of Seven Tower Bridge in Conshohocken is right along the river just south of the Matsonford Bridge (shaded in red above). The building was originally approved in 2010 and the footprint of the building has been in place for several years.
Hamilton Lane, a global alternative investment management firm, has signed a lease to occupy 130,000 square feet of Seven Tower Bridge beginning in 2021. The construction financing will be provided by Mesa West Capital, a unit of Morgan Stanley Investment Management.
“We are pleased to deliver a new office building to provide the location and urban-quality office environment that leading companies require to attract and retain the region’s top talent,” said Donald Pulver, president of OTP. Located at the intersection of I-76 and I-476, one block from the SEPTA regional rail station, and adjacent to Philadelphia’s Main Line suburbs, Seven Tower Bridge provides access to a wide pool of professionals.
“This partnership brings together two of the region’s very best developers and investors to deliver the finest new trophy office tower available in Philadelphia,” said Brian Katz, president of American Real Estate Partners, which also owns the 345,000 square-foot Eight Tower Bridge on the adjacent site. “There are few suburban locations that deliver the transit, amenities, quality, walkability, and livability as Conshohocken.”
“After considering all of our options, we determined that Conshohocken offers the best location for our company’s headquarters,” said Kevin Lucey, COO of Hamilton Lane. “As our firm continues to add clients, expand our offerings and grow our employee base, we look forward to starting our next chapter in this state-of-the-art space.” Hamilton Lane will occupy the top five floors of Seven Tower Bridge, and the tower’s penthouse will feature the Hamilton Lane logo.
“We are incredibly proud that we will have Hamilton Lane as a tenant at Seven Tower Bridge,” said Doug Fleit, CEO of American Real Estate Partners. “We believe that Seven Tower Bridge will provide tenants with the best-of-class offices with equally best-of-class amenities in an incredible location.”
Chris Lange and David Fahey of Avison Young and Eric Stern and Kevin Delaney of Morgan Lewis & Bockius LLP represented Hamilton Lane on its lease, and Esther Pulver of Oliver Tyrone Pulver Corporation, in conjunction with Ken Kearns of Cadence Real Estate Advisors, and David Scolnic of Hangley Aronchick Segal Pudlin & Schiller represented the landlord.
The announcement describes the building as follows:
Seven Tower Bridge will feature floor-to-ceiling glass walls, travertine marble lobby, riverview collaboration space, an outdoor patio and terrace, riverfront walking path, 30-mile bike trail, fitness center, bike room, cafe, and two nearby Marriott hotels. Four levels of underbuilding parking lift the first office floor up to 50 feet above grade, giving every office unobstructed views and natural light. The 180-foot tower will also be highly visible to the 300,000 motorists traveling daily on I-76, I-476 and the Fayette Street Bridge.
“With 121,000 square feet of prime riverfront space left in the building and very little Class A office availability or pipeline in the Conshohocken market, we expect the building to lease up quickly,” said Esther Pulver, vice president of leasing for Oliver Tyrone Pulver Corporation. Limited development activity over the past decade and strong demand for newer-generation “Class A” space has kept vacancy rates in Philadelphia’s transit-oriented premier suburbs under 10%.
Also taking space in the building will be Oliver Tyrone Pulver Corporation, which will lease 4,000 square feet of space, and Shoemaker Construction, the building’s general contractor, which will lease 5,000 square feet.
More to come.