Five Tower Bridge, 300 Barr Harbor Drive, Conshohocken, PA
CONSHOHOCKEN, PA—Equus Capital Partners has acquired Five Tower Bridge, a trophy office development in the West Conshohocken submarket of Philadelphia, for $75.65 million from local developer and investor MIM-Hayden Real Estate Fund I.
Jones Lang LaSalle's Capital Markets unit arranged the sale and financing. The purchase includes an existing eight-story, 222,058-square-foot class A office building located at 300 Barr Harbor Drive.
Managing director James Galbally led the team handling the sale of the property. Executive vice president Chad Orcutt arranged a $48 million financing package for the buyer through Metlife. The transaction team also included senior vice president Brett Grifo, managing director Joseph Garibaldi and executive vice president John Plower.
“This building is widely considered to be the premier office tower in the suburbs and has the added attraction of offering the value-add opportunity to develop an additional building in a prime riverfront location within one of the most desirable submarkets in the region,” says Galbally.
Five Tower Bridge was built in 2001 and is sited in a transit-oriented, live-work-play market with excellent access to the region's major roadways. The property is just a 25-minute drive from Center City.
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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].
