Keystone-Arden JV Acquires Four Falls Corporate Center

WEST CONSHOHOCKEN, PA—A joint venture of locally-based Keystone Property Group and the Arden Group of Philadelphia has acquired the Four Falls Corporate Center here.

The joint venture partnership says it will embark on a multi-million-dollar repositioning of the property. Keystone reports that it will also relocate its headquarters, currently located at SORA East in Downtown Conshohocken, to the office complex.

Terms of the deal were not disclosed. Arden Group was an investor in the property prior to the purchase.

“We are extremely pleased to have completed the acquisition of this strategic property,” says Bill Glazer, CEO of Keystone Property Group. “Because the building is so highly visible as you enter Conshohocken, the purchase of Four Falls gives us the opportunity to continue to redefine the Conshohocken office market. We will implement our vast experience transforming well-located properties into modern, dynamic environments for 21st century tenants.”

Built in 1987 and renovated in 2015, Four Falls is comprised of two, six-story connected office buildings totaling 255,000 square feet with a full-height, sky-lit atrium lobby over a six-level parking garage.

The reinvention plan will focus on developing an enhanced tenant experience at Four Falls, with the goal of creating a vibrant community of progressive companies in a revitalized environment designed to spark innovation and collaboration, the new ownership states. The value-add investment campaign will include the development of a new building entrance, new curtain wall systems, addition of modern amenities and improvements to existing amenity offerings, as well as renovations to the building’s lobby and common area, lighting, landscaping and building branding.

Four Falls boasts access to I-476, I-76 and the Pennsylvania Turnpike. The building is located near the Conshohocken train station, which offers service to Downtown Philadelphia in approximately 25 minutes via SEPTA’s Manayunk/Norristown line.

The acquisition adds to Keystone’s existing portfolio in Conshohocken, which also includes SORA West, a mixed-use, transit-oriented development in the borough’s downtown. The project will be anchored by an 11-story, 429,122-square foot office tower that broke ground in April, and also include a public plaza surrounded by the 200-foot tower, a 165-key hotel with rooftop restaurant and lounge, a more than 1,500-space parking structure and the existing 139-year-old Conshohocken Firehouse, which will be recreated as a gastropub with an indoor/outdoor experience.

Keystone also owns and operates the 50,000-square foot SORA East in Conshohocken.

“Keystone has long been invested in making the Conshohocken area one of the most dynamic and attractive locations in the Philadelphia region. Our acquisition of Four Falls Corporate Center marks the next phase of that commitment,” says Rich Gottlieb, Keystone’s president and COO. “With SORA West now under construction and a full repositioning at this newly acquired building on the horizon, we are well underway in our plans to realizing our vision of making this community a true live-work-play destination.”

Craig Spencer, founder and CEO of the Arden Group, adds, “We are delighted to partner with Keystone Property Group in the next chapter of Four Falls’ history. We continue to believe in Conshohocken’s strong office market fundamentals and abundant amenities as a tool to attract and retain the Philadelphia region’s top companies and growing millennial demographic. The planned improvements to Four Falls will solidify its position as a top office destination in the Philadelphia region.”