One Tower Bridge, a 15-story 271,138 square foot office building in West Conshohocken, has been listed for sale. According to the Philadelphia Business Journal the building is owned by a partnership between Oliver Tyrone Pulver and the AFL-CIO Building Investment Trust. The building opened in 1989 and is currently 89% leased.
JLL has been retained to handle the sale. On its website, the building is described as follows:
One Tower Bridge benefits from unparalleled visibility and accessibility from its prime location in West Conshohocken’s favorable tax environment. The Property provides qualified investors an opportunity to acquire the premier office building in all of suburban Philadelphia at a significant discount to replacement cost. One Tower Bridge features a diversified tenant roster, a balanced lease expiration schedule with a weighted average lease term of 6.07 years, and below market in-place rents. Approximately thirty-seven (37%) of the Property is leased by Morgan Stanley (Moody’s Credit Rating: A3), one of the top investment banks in the world, which recently executed a 11-year renewal and has a remaining lease term of 9.75 years. As a result, the asset offers investors a stable in-place cash flow with upside through the lease-up of the remaining vacancy and a near term mark-to-market opportunity resulting from below market rents.
You can view a brochure for the property here.
Photo: Google Earth