Keystone Property Group has acquired Four Falls Corporate Center, an office complex in West Conshohocken for approximately $50 million, writes Natalie Kostelini for Philadelphia Business Journal. 

Keystone Property Group was founded in 1991, it develops and invests in commercial real estate. 

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Keystone purchased the office complex, which includes two buildings, 100 and 200 Four Falls Corporate Center. Keystone purchased the property in a joint-venture with Arden Group. Arden bought the buildings in 2014 for $44.3 million and held on to an ownership stake in the property. 

The new acquisition fits in with Keystone’s portfolio. Keystone, headquartered in Conshohocken, is developing Sora West, a $325 million development that will serve as the new headquarters for AmerisourceBergen. 

“It was a good opportunity and we like the location and area,” said Rich Gottlieb, president at Keystone, in an interview. “We felt that we could lease it and make it very successful.” 

The company intends to invest multiple millions of dollars in the building to “transform it into a best-in-class trophy office building,” Keystone said in a statement. “We believe dynamic buildings attract dynamic people. And when dynamic people work together, companies thrive.” 

In 2015, a full year after Arden Group purchased the Four Falls complex, the Philadelphia real estate investor put the office up for sale. At the time it was 70% occupied and had an estimated value of $68 million. It took more time than expected to trade and at a lower price than expected. 

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