Equus Capital Partners recently announced that a joint venture formed with USAA Real Estate completed the acquisition of Five Tower Bridge, a 222,058 SF Class A Office building sitting on 10.26 acres in West Conshohocken. It was purchased from MIM-Hayden Real Estate Fund for $75.65 million. Hayden paid $70 million for it in 2012.
Five Tower Bridge is an 8-story building with 29,000 SF rectangular floor plates capable of accommodating a wide range of users. World-class architectural firm Skidmore, Owings & Merrill designed the building, which opened in 2001. Equus and USAA Real Estate, over the next few months, will start significant lobby and common area renovations. The new owners are also planning to rebrand the building as 300 Barr Harbor Drive.
A few years ago, the prior owner received approval for a second office building on the site (the site is a portion of a surface parking lot on the site, it is shaded light red in the top photo). The new owners are planning to finalize plans for the development of this building. from the press release:
Another important component of the value-add strategy is to complete work with West Conshohocken Borough in finalizing, over the next few months, land development approval for an additional 200,000 square foot office tower on the Northern portion of the site fronting the Schuylkill River which will be named 400 Barr Harbor Drive.
“We are excited to add Five Tower Bridge to our growing presence in Philadelphia’s dynamic Western Suburbs. Five Tower Bridge is unique in its ability to offer tenants access to SEPTA’s regional rail, walkable amenities, multiple points of vehicular entry, and dynamic views. While the building currently commands some of the highest rents in the suburbs, we believe that there is an opportunity to upgrade the finishes and amenities of the building to enhance value. Furthermore, our ability to develop West Conshohocken’s last remaining parcel in the urban core is extremely exciting. After the repositioning of Five Tower Bridge and the development of 400 Barr Harbor Drive, we believe that we will have two of the best-located and highest-quality assets in Suburban Philadelphia,” commented George Haines, vice president of Equus Capital Partners, Ltd. who, along with Joseph Felici and Tim Feron, oversaw the acquisition for the firm.
In the Conshohocken office market, Equus owns the approved, but not-yet-built, 400 West Elm Street office building.