West Conshohocken’s Five Tower Bridge Re-Listed for Sale

Two major office buildings in Conshococken -- Five Tower Bridge and Eight Tower Bridge -- will soon change hands following a pair of real estate deals. (MONTCO.Today File photo.)

West Conshohocken’s Five Tower Bridge has been relisted for sale a little over a year after it was originally put on and then removed from the market by its owner, MIM-Hayden Real Estate Fund I, writes Natalie Kostelni for Philadelphia Business Journal.

The Fund, a partnership of Hayden Real Estate Investments and Miller Investment Management both of Conshohocken, acquired the office building at 300 Barr Harbor Drive five years ago for about $70 million. Even though the partnership received several attractive offers for the eight-story, 223,736-square-foot property none of them completely met expectations.

“They were much better than we paid but we knew that the land was out there … so it didn’t make sense to settle,” said Tony Hayden Jr., a principal with Maguire Hayden Real Estate Investment.

The partnership then made the decision to pull the property to give one of its anchor tenants the chance to settle in its expanded space. Oracle expanded its lease two years ago to 84,000-square-feet until 2026.

The $33-a-square-foot deal solidified Five Tower’s overall long-term occupancy. In addition to Oracle, Five Tower is 96 percent leased to Hirtle Callaghan & Co., BTG International, Wells Fargo, and KRT Capital Partners.

Read more about the property at Philadelphia Business Journal by clicking here.

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