Morgan Properties Buys Creative Office Complex for $52M
“Millennium offers significant near-term upside for an experienced owner like Morgan Properties to take advantage of all that Conshohocken has to offer,” says HFF's Doug Rodio.
CONSHOHOCKEN, PA—Morgan Properties will pay $52 million to acquire Millennium I, II and III, a three-building creative office complex totaling 196,769 square feet in Conshohocken, PA, northwest of Philadelphia.
A Holliday Fenoglio Fowler team led by senior managing director Doug Rodio and managing directors Brett Segal and Tom Hall worked on behalf of the seller, a fund managed by Stabilis Capital Management, and procured the buyer.
“Millennium offers significant near-term upside for an experienced owner like Morgan Properties to take advantage of all that Conshohocken has to offer,” Rodio says. “I’m very excited to see what happens at the property in the coming years.”
Completed between 2000 and 2003, Millennium I, II and III includes three purpose-built, creative office buildings in one of Greater Philadelphia’s most desirable locations. The properties are situated at 20 Ash Street and 225 and 227 Washington Street, on the banks of the Schuylkill River in Conshohocken, a northwestern suburb of Philadelphia. The property has convenient access to Interstates 476 and 76, which provide access to the entire Philadelphia region, as well as being located across the street from Conshohocken Station, which offers SEPTA’s regional rail service for commuters.