Keystone Property Group is expanding its Bala Cynwyd,
Pa., real estate holdings and is buying One Belmont Ave.
The real estate company has put the 12-story,
245,000-square-foot property – also known as the GSB building, under agreement,
according to market sources. It was estimated to sell for around $50 million
though a more current figure couldn’t be determined.
It was put up for sale last December and looked at as
more of a play for its development opportunity rather than just the purchase of
an office property.
Relatively new zoning allows denser, mixed-use projects
in a defined area in and around City Avenue. That means about 570,000 square
feet of additional space could be constructed on what is now a large surface
lot at One Belmont.
One Belmont is owned by Maguire & Partners, a Bala
Cynwyd firm that bought the building in a joint venture in 2004 for about $37
million. When Maguire bought it, the property had about 60,000 square feet of
space vacant. It is now is 93 percent occupied.
Keystone already owns four office properties totaling
375,000 square feet in Bala Cynwyd including One Presidential Blvd., 150
Monument Road, 225 City Ave. and 15 King’s Grant.
Source: Philadelphia
Business Journal
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