The 5-building Bala Plaza complex was sold to FLD Group and the Adjmi family for $185 million and the new owners plan on keeping the current redevelopment plan in place, writes Paul Schwedelson for Philadelphia Business Journal.

The sale of the Bala Cynwyd property is one of the largest multi-tenant suburban office sales in the U.S. this year.

The Bala Plaza complex consists of four towers, One Bala Plaza, Two Bala Plaza, Three Bala Plaza East, and Three Bala Plaza West, as well as a freestanding Saks Fifth Avenue department store off City Avenue.

The redevelopment plan that was developed by former owner Tishman Speyer features 2.1 million square feet of new development, including multiple retail sites, a 168-room hotel as well as almost 750,000 square feet of office space and 750 residential units.

Lower Merion Township has already approved the plan.

“The ownership group is committed to being thoughtful stewards of one of the region’s most prestigious assets and sees tremendous value in the future of Bala Plaza and of Bala Cynwyd as a whole,” the FLD group and the Adjmi family said in a statement.

They said they are confident they can bring the planned “experiential live work play campus” to life.

Read more about the sale and redevelopment of the Bala Plaza complex in the Philadelphia Business Journal.

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