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NORRISTOWN, PA-Philadelphia-based AMC Delancey has enlisted a team from Cushman & Wakefield of Pennsylvania Inc. to market One Montgomery Plaza. AMC acquired the 10-story, 228,000-sf office building in 1998 for $19 million. The asking price is in excess of $30 million.

The decision to sell “is because we are switching strategies, moving away from assets we operate ourselves to making equity investments with operating partners over diverse real estate sectors in a wider geographic area along the East Coast. We regret selling this at a time when Norristown is undergoing gentrification and Downtown revitalization,” Ken Balin, AMC’s president and CEO, tells GlobeSt.com, “but this is one of the few remaining legacy properties we operate.”

The building, located at the address for which it is named, was completed in 1974. AMC invested $4 million to renovate and upgrade lobbies, corridors, elevators and the HVAC system. Balin says it currently is 74% leased. The quoted rent is about $19.75 per sf. Eric Gorman of Philadelphia-based Jackson Cross Partners handles leasing while senior directors James Vesey, James Sheehan and Jerome Kranzel head the C&W team that is marketing the building for sale.

Balin says the new AMC strategy is epitomized in its recently formed joint venture with Fort Washington-based Traditions Development Corp. for construction and management of Traditions of Hershey, a 120-unit senior living facility, which was previously reported in GlobeSt.com. “There’s no reason we can’t do a whole series of these,” Balin says, “given today’s demographics.” He also says the company “is not abandoning Philadelphia.”

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