The 16-story Eight Tower Bridge office building in Conshohocken has been sold for $83.1 million, representing a 23% decline from its last sale in 2018. The 347,000-square-foot tower was purchased by a partnership between FLD Group of Eatontown, NJ, and New York’s Adjmi family, from American Real Estate Partners (AREP).
AREP previously acquired the property for $108 million from a partnership involving Cornerstone Real Estate Advisors and developer Oliver Tyrone Pulver, who built the tower more than 20 years ago.
The new owners, who have been expanding their Philadelphia-area portfolio with recent acquisitions of Bala Plaza and the Plymouth Meeting Executive Campus, plan to maintain the property as office space. The building is currently 94% occupied, reflecting its strong tenant base despite regional office market challenges.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, advisory and property management firm, is a premier commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.
Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.
