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AMC Prices Office Disposition at $30M Plus

NORRISTOWN, PA-In line with a strategy shift, AMC Delancey puts the 10-story, 228,000-sf One Montgomery Plaza up for sale.

By Marita Thomas | Updated on September 13, 2006

NORRISTOWN, PA-Philadelphia-based AMC Delancey has enlisted a team from Cushman & Wakefield of Pennsylvania Inc. to market One Montgomery Plaza. AMC acquired the 10-story, 228,000-sf office building in 1998 for $19 million. The asking price is in excess of $30 million.

The decision to sell “is because we are switching strategies, moving away from assets we operate ourselves to making equity investments with operating partners over diverse real estate sectors in a wider geographic area along the East Coast. We regret selling this at a time when Norristown is undergoing gentrification and Downtown revitalization,” Ken Balin, AMC’s president and CEO, tells GlobeSt.com, “but this is one of the few remaining legacy properties we operate.”

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