CONSHOHOCKEN, Pa.–(BUSINESS WIRE)–Sep 27, 2022–
Today, leading global private markets firm, Partners Group, acting on behalf of its clients, and co-developers American Real Estate Partners (AREP) and Oliver Tyrone Pulver Corporation (OTP), secured a 34,565 RSF lease with CRB Group, an innovative facility design, engineering, construction and consulting firm. CRB Group will move its Philadelphia team from Plymouth Meeting to the brand new Seven Tower Bridge office tower in the sought-after Conshohocken submarket. This deal immediately follows a lease expansion with Lutron Electronics, which has doubled in size to occupy 53,340 RSF on two full floors.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220927005249/en/
Seven Tower Bridge, Conshohocken, PA (Photo: Business Wire)
These leases signal demand for “destination offices” among growing companies seeking to attract and retain top professional talent in the post-pandemic era. Seven Tower Bridge offers a prime riverfront location with 20,000 square feet of indoor and outdoor amenities, all located within walking distance of the vibrant Conshohocken business district. The CRB and Lutron leases bring total occupancy to 90% in the first Philadelphia office building to open since the COVID pandemic, and are designed to maximize health, collaboration, and productivity.
“We were drawn to Seven Tower Bridge because we knew we needed a truly unique office destination to support our rapid growth,” said John Costalas, CRB’s Regional Vice President for the Northeast. “We need to attract and retain the best talent in the region, and it’s much easier to hire great talent when you have a state-of-the-art office that offers a reasonable commute, plenty of amenities, beautiful surroundings, and an energetic neighborhood. Our office is critical to our success, and this is the perfect spot.”
Named the best suburb for young professionals in the Philadelphia area, Conshohocken is one the country’s finest examples of successful economic redevelopment. With a buzzing downtown, a 30-mile bike trail, riverfront walking paths, good schools, thousands of new luxury apartments, and 2 million square feet of award-winning commercial office and hotel space, Conshohocken has everything young professionals need to thrive. As a wellness-focused real estate powerhouse, Seven Tower Bridge is helping draw top talent to the area and redefine the suburban real estate market.
Seven Tower Bridge offers 260,000 square feet of prime waterfront real estate adjacent to downtown Conshohocken’s local businesses, farmers markets, and happy hours. The property recently earned the prestigious LEED Silver certification for sustainability, its fifth sustainability and wellness certification. With full-height windows, panoramic views, landscaped walking trails, riverfront seating areas, a spa-quality fitness center and café amenities, the property is a prime destination for companies looking to build a healthy, productive destination to lure employees back to the office.
“CRB Group joining the Seven Tower Bridge community confirms what we already know: the Conshohocken submarket is drawing in people and businesses from across the country because it offers everything people need to live, work and play,” said Kerri Thomas, AREP’s SVP Leasing. “Not only are we laser-focused on providing our tenants with world-class amenities, but we’re also making their overall health and well-being a top priority. All of our properties have secured meaningful wellness certifications that prove that we’re offering a safe and healthy work environment.”
“We are thrilled to welcome CRB to Seven Tower Bridge,” said Esther Pulver, VP of Leasing for OTP. “From accommodating Lutron’s recent expansion to welcoming CRB, we really enjoy partnering with our tenants to help them succeed. Seven Tower Bridge is perfectly located, designed, and managed to make sure their talent is happy and productive every day.”
Dan Durkin, Matt Spachman, and Matt Feeney of Cresa represented CRB Group, Tyler Vandegrift of JLL represented Lutron, and Esther Pulver of OTP in conjunction with Ken Kearns of Cadence Real Estate Advisors represented the Landlord.
For more information about Seven Tower Bridge, visit www.seventowerbridge.com.
ABOUT PARTNERS GROUP
Partners Group is a leading global private markets firm. Since 1996, the firm has invested USD 185 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 131 billion in assets under management as of 30 June 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,600 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
ABOUT AMERICAN REAL ESTATE PARTNERS
Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager, and operating partner focused on office, data center, industrial, and mixed-use residential development and repositioning throughout the East Coast.
Since the company’s founding in 2003, AREP has deployed over $5.1B across targeted geographies, acquired more than 20M SQFT of class-A real estate, and currently oversees over 10M SQFT of assets. AREP’s vertically integrated real estate platform provides best-in-class expertise in all ownership disciplines, from property management and building operations to investment strategy, market research, and acquisitions. By leveraging this expertise, AREP remains at the leading edge of real estate innovation, maximizing investment and building performance to provide real value. For more, please visit: For more, please visit AREP’s Newsroom.
ABOUT OLIVER TYRONE PULVER CORPORATION
Oliver Tyrone Pulver Corporation (OTP), headquartered in Conshohocken, Pennsylvania, is a privately held commercial real estate development firm with a 50-year history of developing over 15 million square feet of premier office space in the cities and suburbs of Philadelphia, Pittsburgh, Cleveland, and Chicago. By selecting only the most desirable locations and developing the highest quality buildings, it has established a strong track record of successful projects providing highly desirable office space for tenants and high returns for partners. For more information, visit otpcorp.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220927005249/en/
REQ for AREP
[email protected] Castleman
Oliver Tyrone Pulver Corp.
KEYWORD: DISTRICT OF COLUMBIA PENNSYLVANIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: American Real Estate Partners
Copyright Business Wire 2022.
PUB: 09/27/2022 09:00 AM/DISC: 09/27/2022 09:03 AM