A majority stake in SORA West office building sold to Washington, D.C. real estate investment management company
PRP, a real estate investment management company based in Washington, DC, announced today that it has completed a preferential stake in the SORA West office building, the future AmerisourceBergen headquarters in Conshohocken. The deal was worth nearly $ 340 million, according to the Philadelphia Business Journal, and PRP received an 89% stake in the building.
The 429,122 square foot office building is part of the 520,000 square foot SORA West project being developed by Keystone Property Group. AmerisourceBergen will consolidate from two riverside office buildings in Conshohocken as well as the current headquarters in Chesterbrook. The 11-storey building serves as an anchor for the mixed-use development of SORA West and includes office and equipment areas as well as two lower parking levels. The new headquarters are expected to accommodate around 1,500 AmerisourceBergen employees. The building’s amenities include a fitness center, on-site restaurants, training facilities, and communal space on the lower floors.
“PRP was offered the opportunity to participate in this transaction with Keystone Property Group through a preferential stake,” stated Paul Dougherty, President of PRP. “Building on our existing $ 2.5 billion net rental portfolio, the Gensler-designed AmerisourceBergen building is literally the most beautiful building in the state of Pennsylvania. We are very happy to be part of such a great development. “
“PRP’s investment underscores Keystone’s ability to envision the corporate headquarters of the future and create a workplace that meets the needs of a post-COVID world,” said Bill Glazer, Founder and CEO of Keystone Property Group. “Our ability to partner with and meet expectations with one of the top 10 Fortune 100 companies attracted an investment that is defining the market for not just suburbs in Philadelphia but corporate centers across the country.”
In addition to the office building in which the AmerisourceBergen headquarters will be located, there will be a hotel with 127 rooms, the Hotel West + Main, a converted 146-year-old historic fire station with a dining experience on the first floor and a second. Boden gastropub, an amphitheater and a public space for events and live music as well as a public and private parking garage with 1,500 parking spaces.