Barings Sells Trophy Office Tower to American Real Estate Partners
Newmark Knight Frank (NKF) has successfully 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.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. ("BGC") (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
