Equus Acquires Five Tower Bridge in Conshohocken
JLL arranged the $75.65 million sale and acquisition financing for the eight-story, 222,058-square-foot class A office building located at 300 Barr Harbor Drive.
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.