KBS Real Estate Investment Trust I, a non-listed real estate investment trust, has acquired a 223,736 sq. ft. Philadelphia office building for $73 million, more than $325 per sq. ft. The property is located in the Philadelphia submarket of West Conshohocken, Pa., 15 miles northwest of downtown Philadelphia.
“Five Tower Bridge gives us the unique opportunity to own a trophy quality asset in one of the most desirable Philadelphia submarkets,” according to Shannon Hill, KBS senior vice president and director of acquisitions. “Both the property and the Tower Bridge master-planned development have performed at very high levels.”
Robert Fahey, a CBRE executive vice president representing the seller, said, “It offers the rare combination of a prime in-fill location, unmatched access and visibility, top-quality sponsorship, first–class construction and finishes, and credit-oriented tenants supporting a secure and growing income stream.”
The eight-story Five Tower Bridge building features three levels of covered parking, a two-story Italian marble lobby and a white pre-cast exterior with green Solex windows. The building also offers views of the Schuylkill River on three sides.
Five Tower Bridge was constructed in 2001 and is 97% leased to major tenants such as Keystone Foods, Nationwide Insurance, BTG International, KTR Capital Partners, Eli Lilly & Co., and Hirtle, Callaghan & Co.
Tower Bridge is a 45-acre master-planned development offering 1.2 million sq. ft. of office, hotel, retail and restaurant space at the intersection of I-76 and I-476, on the West Conshohocken side of the Schuylkill River. A SEPTA train stop is located on the property.
KBS represented itself in the purchase. CB Richard Ellis represented the seller in the transaction, which closed Oct. 14.