An affiliate of King of Prussia-based Morgan Properties has bought Millennium IV, a parcel of nearly five acres in Conshohocken, for $8.5 million from TPT Millennium, writes Natalie Kostelni for the Philadelphia Business Journal.
The acquisition of the property fronting the Schuylkill River completes the apartment owners’ acquisition of the Millennium campus.
Three years ago, Morgan bought Millennium I at 20 Ash Street, Millennium II at 225 Washington, and Millennium III at 227 Washington Street for $52 million. The three office buildings combined total space is 196,769 square feet. Morgan is planning to use this for its headquarters.
The three Millennium buildings were constructed by O’Neill Properties Group between 2000 and 2002. They were part of the efforts to revitalize the waterfront in Conshohocken.
Plans for the fourth parcel originally included the development of a nine-story, 450,000-square-foot office building, but that project never happened. After concluding that Conshohocken had enough of that type of property use, the borough stripped the property of any multifamily zoning.
The parcel located at 235 Washington is currently approved for a 150,000-square-foot office building. However, plans for the property are as of yet undecided.
Read more about Morgan Properties in the Philadelphia Business Journal.