Office building in Conshohocken sells

Gladstone Commercial Corp. has paid $15.45 million for Three Tower Bridge, a 60,016-square-foot office building in Conshohocken, Pa.

The seller was Oliver Tyrone Pulver, which developed the building at 2 Ash St. for $8 million in 1997.

Three Tower Bridge is occupied by Jacobs Engineering.

At the time, Jacobs Engineering Group Inc. leased 90 percent of the building and now the engineering firm occupies the entire structure. Jacobs had relocated from Narberth, Pa., to the new building.

Gladstone is a real estate investment trust based in McLean, Va. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Inc. represented the seller.

Other happenings in Conshohocken's commercial real estate sector include the $100 million Sora West development from Keystone Property Group and plans to create a new standalone 42,000-square-foot office building. The latter project is part of a $10 million renovation of 1100 E. Hector St.

Source: Philadelphia Business Journal