WEST CONSHOHOCKEN, PA-KBS Real Estate Investment Trust I has purchased Five Tower Bridge, a 223,736-sf class A office building here from Five Tower Bridge Associates for $73 million. CB Richard Ellis represented Five Tower, which is a subsidiary of Hartford-based Cornerstone Real Estate Advisers, while KBS represented itself.

Tenants in the 97%-leased building include Keystone Foods, Nationwide Insurance, BTG International, KTR Capital Partners, Eli Lilly & Co., and Hirtle, Callaghan & Co. The asset is part of the 1.2-million-sf Tower Bridge park, which includes other offices, hotels and retail.

Five Tower was built in 2001 and is situated on the bank of the Schuylkill River. The area is about 15 miles northwest of Philadelphia. Five Tower and the seven other office buildings on the site were developed by locally based Oliver Tyrone Pulver Corp.

KBS keeps buying in a troubled economy. The Newport Beach, CA-based firm earlier this week, closed on the acquisition of the 1.1-million-sf Park Avenue at Morris County office campus in Florham Park, NJ. In August, it bought an office complex in Seattle for $44.1 million.

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