One Tower Bridge — whose 1989 rise changed Bridgeport and Conshohocken both visually and economically — has been sold. Paul Schwedelson reported the transaction for the Philadelphia Business Journal.
The 15-story office building is a prominent sight for commuters from drivers on the Schulykill Expressway to riders on SEPTA Regional Rail to even cyclists on the Schulykill River Trail.
The purchaser is Buccini/Pollin, a Wilmington-centered commercial real estate (CRE) firm.
Atop its $59 million purchase investment, company principals foresee a $9 million investment in renovations to refresh the garage, plaza, lobby, and façade.
At its opening, One Tower Bridge heralded a resurrection of the formerly industrial borough. It not only signaled an economic shift from blue- to white-collar revenue generation, it set off a CRE boom in the municipality.
“This investment is right down our strike zone,” said Chris Buccini, co-president of the purchasing company.
“We’ve always been hyper focused on the Greater Philly region … . We love that submarket,” he claimed.
The deal also has widespread implications. Its timing could be seen as a momentous gain in the aftermath of COVID-19 suppression of office-based asset valuations in the Philadelphia region.
Greater detail on the transferal of One Tower Bridge is in the Philadelphia Business Journal.
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Some picturesque drone footage of downtown Conshohocken, including views of One Tower Bridge.
