CBRE announced today that it has successfully arranged for the sale and acquisition financing of River Park 1—a 169,163 square-foot four-story office building located at 1000 River Road in Conshohocken, Pennsylvania. The state-of-the-art building was acquired by FD Stonewater for an undisclosed price.
Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets’ Institutional Properties team represented the seller, The Buccini/Pollin Group, Inc., in the marketing and sales negotiations. CBRE’s Nick Harris and Steven Doherty of the Debt & Structured Finance team procured the financing on behalf of the buyer.
River Park 1 office building is currently 100 percent occupied by Reimbursement Technologies, Inc. (RTI), which recently renewed a long-term lease.
"The demand for single tenant office buildings with over ten years of term remains extremely strong,” said Mr. Kranzel, senior vice president.“Buyers were particularly attracted to the River Park I opportunity because of the strong fundamentals of the Conshohocken office sub-market and the commitment of RTI, who was an original tenant of the building in 1999, to expand and extend their lease term through the years."
River Park 1 is one of the few office buildings in the Philadelphia suburban market with direct access to SEPTA Regional Rail, just steps away from the Miquon Station. The property features contemporary interior finishes, riverfront views, abundant parking and on-site amenities such as walking trails and a café, among others.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website atwww.cbre.us.