BALA CYNWYD, PA—Keystone PropertyGroup has acquired and will redevelop One BelmontAvenue, also known as the GSB Building,in Bala Cynwyd, PA.
Situated in the bustling City Avenue commercialcorridor, where Keystone now owns five officeproperties, One Belmont Avenue includes 245,000square feet of prime office and ground-floor retail space. Keystonedeclined to disclose the purchase price, but industry sourcesfamiliar with the market say the deal was worth around $46million.
The building occupies an eight-acre site, which allows forsignificant additional mixed-use development opportunities, forwhich Keystone is considering its options.
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