Posted Mar 22, 2019, 1:50 PM
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After bankruptcy, Seven Tower Bridge may have an anchor tenant
https://www.bizjournals.com/philadel...er-bridge.html
Quote:
About six months after Seven Tower Bridge Associates, an entity that wants to build a proposed office building in Conshohocken, emerged from Chapter 11 bankruptcy, it may have a tenant lined up to kick off the new development.
Seven Tower Bridge Associates has made a request for $2 million in taxpayer funds from Pennsylvania’s Redevelopment Assistance Capital Program, or RACP. The money would be earmarked for tenant improvements associated with an undisclosed company that would move into the building.
Seven Tower Bridge Associates is affiliated with Oliver Tyrone Pulver, a development company that has constructed the Tower Bridge office buildings in Conshohocken. Don Pulver of Oliver Tyrone Pulver declined to comment on who the prospective tenant might be but several sources believe it’s Hamilton Lane, an investment firm that has its local base at One Presidential Blvd. in Bala Cynwyd.
Hamilton Lane has been in the market for several months looking for a new home and had zeroed in on Conshohocken office space, sources said. It is seeking between 120,000 and 140,000 square feet, enough to anchor and kick off Seven Tower Bridge. Kate McGann, a spokeswoman for Hamilton Lane, declined to comment.
A deal at Seven Tower is significant on several fronts. When Seven Tower Bridge Associates came to terms on its bankruptcy settlement in August 2018, it agreed to a provision that gave it two years to market the property to tenants, secure a construction loan and get the structure built, according to court documents. As an alternative, it could use those two years to market the approved development site to a third party buyer, according to court documents. In other words, time is of the essence.
As designed, Seven Tower Bridge is a $100 million, 14-story, 250,000-square-foot building on 2.3 acres at 110 Washington St. The project has 10 stories of office space atop a four-story parking garage.
“We’re working hard to finish the pre-leasing of it,” Pulver said. “We have made progress.”
Seven Tower Bridge Associates had previously received $5 million in RACP funds to install infrastructure for the office building. Over the last nine years, Seven Tower Bridge Associates invested $22.6 million in site work, designing the building and garage, legal fees, permits and other expenses. All of that was in preparation to secure a tenant for the building and start construction, but it has sat idle.
In March 2018, Seven Tower Bridge Associates voluntarily filed for Chapter 11 bankruptcy protection as a maneuver to put a stay on a mortgage foreclosure proceeding that was underway. The settlement was ultimately reached with several contingencies.
Some believe the new headquarters for AmerisourceBergen, which is under development at Sora West, is propelling Conshohocken to another level as an office submarket and will be a catalyst to attract other high-profile firms, such as Hamilton Lane, to the area. Amerisource, a pharmaceutical distributor, will join Oracle Corp., which is in Five Tower Bridge, and Morgan Stanley, which recently renewed its lease for 10 years on 100,000 square feet for a fourth consecutive term at One Tower Bridge, as companies that call the Conshohocken submarket home.
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