Morgan Properties recently bought three office buildings on the waterfront for combined total of $52 million. Morgan Properties Inc. is based in King of Prussia.
The Millennium I, II, and III office buildings in Conshohocken were previously owned by Stabilis Capital Management of New York. A press release on Friday by Doug Rodio, announced the deal. Doug Rodio participated in the representation of Stabilis in the transaction as the co-head of real estate services firm Holliday Fengolio Fowler L.P’s Philadelphia office, writes Jacob Aldman.
Stabilis placed the properties on the market due to the largest tenant in the building deciding to relocate in June. The three buildings combined have square footage of 200,000 square feet. AmerisourceBergen Corp. currently rents half of the square footage, but are leaving when the lease expires in 2020.
AmerisourceBergen Corp, A drug distributor is leaving the Washington Street properties to move to a new headquarters. They plan to build their new Headquarters in at the Sora West development site also in Conshohoken. AmerisourceBergen Corp’s relocating is the driving force behind Stabilis’ descison to put the properties on the market.
Conshohocken is a small borough on the Schuylkill River just outside Philadelphia. The borough has undergone a major renaissance during the past two decades.
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