Boston— Newmark Knight Frank (NKF) has completed the sale of Eight Tower Bridge in Conshohocken, Pennsylvania to American Real Estate Partners for $108 million.
On behalf of Barings, Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Director James Tribble oversaw the transaction of the trophy asset in conjunction with Senior Managing Directors Michael Margolis and David Dolan and Managing Directors Dave Garonzik and Michael Maloney.
Eight Tower Bridge comprises a 16-story, 346,659-square-foot office tower and an associated seven-level, 1,200-space parking garage. The asset features a diverse tenant roster anchored by Marsh & McLennan Companies, Allied Universal, Penn Mutual, AMG Funds and Airgas.
“Featuring efficient floor plates averaging 24,000 square feet, Eight Tower Bridge offers superior flexibility for a variety of single- and multi-tenant layouts,” said Pullen. “The asset further benefits from attractive positioning within the 45-acre mixed-use Tower Bridge development, which is directly surrounded by a dynamic ‘live-work-play’ environment.”
Eight Tower Bridge benefits from its location adjacent to the SEPTA Regional Rail line and easily accessible to Interstates 76 and 476. It therefore enjoys convenient connections to a wealth of local amenities in addition to Center City Philadelphia, the Philadelphia International Airport and Philadelphia’s affluent “Main Line” suburbs.