CONSHOHOCKEN, PA—Washington, DC-based American Real Estate Partners, which last year re-entered the Philadelphia market with the acquisition of 1600 Market Street in Center City, is launching a comprehensive revitalization and rebranding of 161 Washington Street, formerly known as Eight Tower Bridge, Conshohocken, PA, about 15 miles west of the city. AREP acquired the property in October 2018 from Oliver Tyrone Pulver Corp., a private commercial real estate development firm, for $108 million, according to Real Capital Analytics, a proprietary database service that tracks commercial real estate transactions.
161 Washington Street is a 16-story, 347,000 square-foot class-A boutique office building designed by world-renowned architect Skidmore, Owings & Merrill. The trophy tower is the tallest office building in Suburban Philadelphia, boasting superior views overlooking the Schuylkill River and ideally situated for easy access to the Main Line suburbs and Center City Philadelphia.
“161 Washington is already the premier office destination on the Main Line and this year we are taking it to the next level with a curated set of services and amenities that respond directly to the top priorities of tenants in the premier suburban Philadelphia sub-market,” says Paul Schulman, principal and chief operating officer at AREP. “For AREP, these investments in 161 Washington—and the recent acquisition of 1600 Market—reflect our ambition for growth in the Philadelphia market and across the mid-Atlantic region, with much more to come.”
AREP plans a series of major internal improvements to transform the overall building experience, including: a fully redesigned lobby complete with green wall; a new, 3rd floor amenity center with food service, conference rooms, casual work space and social lounge; and an overhaul of the 2nd floor gym. The work is expected to be complete in 2019.
The revitalization of 161 Washington Street is the latest step in AREP’s re-entry into the Philadelphia market, coming on the heels of its acquisition of 1600 Market Street in Center City in 2018. The company previously owned Two Liberty Place in Center City and intends to continue expanding its footprint in the Philadelphia area to provide unrivaled customer service and tenant experiences across more outstanding properties.
The property enhancements will position the building as a best-in-class asset in the thriving Conshohocken submarket, which already offers an abundance of features to employers seeking quality and convenience. 161 Washington’s location is directly adjacent to the SEPTA Regional Rail line – with station renovations planned this year – as well as the key intersection of Interstates 76 and 476, offering swift connections to Center City Philadelphia, Philadelphia International Airport, and the affluent Main Line suburbs. Additionally, the property is set in the heart of one of suburban Philadelphia’s most sought-after neighborhoods, offering an abundance of retail amenities easily within walking distance, as well as a variety of premier residential communities and hotels.
The renovation is being designed by Meyer, a national architecture and interior design firm based in Ardmore, PA. Colliers International is the exclusive leasing agent for 161 Washington, represented by John Susanin, Ina Sargen and Kyle Hilbert.
AREP and Partners Group acquired 161 Washington Street as equal partners in October 2018.