Eight Tower Bridge, a 16-story office tower in Conshohocken, has been sold to the FLD Group and New York’s Adjmi family partnership for $83.1 million, writes Paul Schwedelson for the Philadelphia Business Journal.
The price represents a 23 percent drop from when the property was last traded. The then seller, American Real Estate Partners of McLean, Virginia, acquired the 347,000-square-foot building in 2018 for $108 million from a partnership of affiliates of Cornerstone Real Estate Advisors and Oliver Tyrone Pulver. The building was developed roughly two decades ago.
Over the last few years, the New Jersey-based FLD Group and the Adjmi family have expanded their presence in the region, buying Bala Plaza in Bala Cynwyd for $185 million in 2023 and the Plymouth Meeting Executive Campus for $65.5 million last year.
According to Bobby Adjmi, principal of the family’s firm A&H Acquisitions, the new owners plan on keeping Eight Tower Bridge as office space. The Conshohocken building is currently 94 percent occupied.
Eight Tower Bridge is located beside Six and Seven Tower Bridge, owned by Brandywine Realty Trust, and across from The Birch and Matson Mill apartment towers.
Read more about the sale in the Philadelphia Business Journal.
