BALA CYNWYD, PA—Keystone Property Group has acquired and will redevelop One Belmont Avenue, also known as the GSB Building, in Bala Cynwyd, PA.
Situated in the bustling City Avenue commercial corridor, where Keystone now owns five office properties, One Belmont Avenue includes 245,000 square feet of prime office and ground-floor retail space. Keystone declined to disclose the purchase price, but industry sources familiar with the market say the deal was worth around $46 million.
The building occupies an eight-acre site, which allows for significant additional mixed-use development opportunities, for which Keystone is considering its options.
"We're very excited about the opportunity to create a multi-faceted property in an area that is so perfectly suited for office, retail, residential and hotel development," Keystone senior vice president Richard Gottlieb tells GlobeSt.com exclusively. "As we evaluate the possibilities for this unique site, we will be engaging a world-class master plan architect to develop a scheme that will further invigorate the City Avenue corridor."
Keystone is planning significant upgrades to the existing 12-story GSB Building, including new elevators, an upgraded HVAC system, enhanced lobbies and restrooms, and an improved parking structure.
"The GSB Building is ideally positioned in one of the most desirable business districts anywhere in the Philadelphia region," says Gottlieb. "We're excited to revamp this iconic asset to make it a more up-to-date and engaging place to work."
Currently, the GSB Building is 93-percent occupied, attracting a diverse mix of local, regional, and national businesses. The property is located near the intersection of I-76 and Route 1, about 12 minutes from Philadelphia's Center City.
Keystone acquired the property from Maguire & Partners, which purchased the building in 2004. Robert Fahey, Jerome Kranzel, and Erin Hannan of CBRE, and Gene McHale of Beacon Commercial Real Estate represented Maguire in the transaction.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
