Wilmington-based developer The Buccini/Pollin Group, Inc. announced on April 5th that it has purchased One Tower Bridge, a 271,678 office building located at 100 Front Street in West Conshohocken. The acquisition closed on Friday, March 31st. One Tower Bridge is pictured center in the photo above.
The property has been owned by Oliver Tyrone Pulver Corporation (through Tower Bridge Associates) since 1987 and the building was built and designed by Skidmore Ownings & Merrill in 1989. The acquisition price was not included in the announcement and is not yet available through public records.
“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.”
The 15-story office building has 799 parking spaces onsite and amenities include a fitness center with locker rooms and showers, an outdoor terrace, and a multi-purpose room.
The new owner plans to invest $9 million in capital improvements throughout the property and building. The planned improvements include garage and plaza renovations, common area restroom and corridor upgrades, ground-level lobby enhancements, and exterior façade work.
According to the announcement, One Tower Bridge, which is anchored by Morgan Stanley, 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. The property is currently 92% leased.
The Buccini/Pollin Group currently manages seven million square feet of commercial office space, which includes Quaker Park on East Hector Street since 2005.
Leasing for the property is being handled by Ken Kearns, who can be reached at (610) 639-1302 or firstname.lastname@example.org.