{"id":1004513374,"date":"2021-03-01T05:17:24","date_gmt":"2021-03-01T13:17:24","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004513374"},"modified":"2021-05-15T10:10:11","modified_gmt":"2021-05-15T18:10:11","slug":"prp-invests-in-office-component-at-325m-philadelphia-area-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prp-invests-in-office-component-at-325m-philadelphia-area-development\/","title":{"rendered":"PRP Invests in Office Component at $325M Philadelphia-Area Development"},"content":{"rendered":"
\"\"

AmerisourceBergen’s future headquarters at SORA West in Conshohocken, Pa. Image courtesy of Keystone Property Group<\/em><\/p><\/div>\n

PRP LLC has closed on a preferred equity investment in the new trophy office tower at Keystone Property Group’s $325 million SORA West mixed-use development in Conshohocken, Pa. The approximately 430,000-square-foot building will be the new headquarters<\/a> of pharmaceutical products company AmerisourceBergen. Neither PRP nor Keystone commented on the financial terms of the transaction. However, according to the Philadelphia Business Journal<\/em>, PRP purchased an 89 percent equity stake in the property at a cost of just under $340 million.<\/p>\n

Keystone broke ground on the office building that will anchor the transit-oriented SORA West development in April 2019 and topped out on the 12-story tower in February 2020. The Gensler-designed structure will feature a rooftop terrace, fitness center, dining services, training center and community plaza, as well as two lower levels of parking.<\/p>\n

\n

READ ALSO:<\/strong> What\u2019s Next for the Office Market<\/a><\/p>\n

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“PRP\u2019s main investment objective is to acquire long-term leased, single-tenant office and industrial properties nationwide. SORA West is a brand-new, state-of-the-art headquarters campus with a long-term full-building lease in place with AmerisourceBergen,” Joseph Neckles, managing director of net lease acquisitions with PRP LLC, told Commercial Property Executive<\/em>.<\/p>\n

“AmerisourceBergen is the largest company in the State of Pennsylvania by revenue and one of the ten largest public companies in the U.S. They are a high investment grade credit tenant with a long and stable operating history. This transaction is a perfect fit for PRP\u2019s investment objectives,” Neckles added. Eastdil Secured served in an advisory capacity to PRP in the transaction with Keystone.<\/p>\n

Upon completion of the LEED Silver-certified office digs at SORA West, AmerisourceBergen will relocate from its current 200,000-square-foot home base in Chesterbrook and an additional 100,000-square-foot space at another location in Conshohocken. Intech Construction is the general contractor on the project and is on track to deliver the project later in 2021.<\/p>\n

Finger on the pulse<\/strong><\/h2>\n

Approximately 1,500 AmerisourceBergen employees will call the office building at SORA West home. And ultimately, the workers will be at the heart of a mixed-use destination that will also encompass the 127-key Tapestry Collection by Hilton hotel called Hotel West + Main, an amphitheater, a public plaza, a 1,500-space public-private parking facility and a repurposed historic firehouse with dining on the first floor and a gastropub on the second.  <\/p>\n

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READ ALSO:<\/strong> Attracting Office Tenants in a Post-Pandemic Environment<\/a><\/p>\n

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“As the vaccine works its way through the population, we feel confident that employees will be called back to the office. AmerisourceBergen associates will return to a brand-new, world-class workplace within a dynamic live\/work\/play environment,” Neckles said. “The historic firehouse on-site will become a dining and entertainment venue; the new hotel will be a luxury experience with a high-end rooftop cocktail lounge (\u2026) It will be an exciting workplace and lifestyle for employees to return to.”<\/p>\n

Just as PRP saw the value in a certain office project in Conshohocken, the company homed in on the advantage of a multifamily project in suburban Washington, D.C. In January 2021, PRP closed the non-recourse construction loan for the conversion of the office property at 4900 Seminary Road<\/a> in Alexandria, Va., to a 213-unit luxury apartment community. The property, located across from a transit center, sits roughly 5 miles from Amazon’s HQ2 office campus<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The upcoming high-rise will house a pharma company at Keystone Property Group’s SORA West project in Conshohocken, Pa.<\/p>\n","protected":false},"author":969,"featured_media":1004529310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,21742,10,21747,1494],"tags":[35464],"class_list":["post-1004513374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-latest","category-northeast","category-office","category-philadelphia","tag-keystone-property-group"],"acf":[],"yoast_head":"\nPRP Invests in Office Component at $325M Philadelphia-Area Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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