Keystone Property Group has sold a preferred equity stake in AmerisourceBergen’s future headquarters in Conshohocken to PRP Real Estate Investment Management for nearly $340 million, writes Natalie Kostelni for the Philadelphia Business Journal.
PRP now owns 89 percent interest in the 429,122-square-foot headquarters, while Keystone controls the remainder.
“It was one of the most complicated deals we have done,” said Paul Dougherty, president of PRP. “The pricing we needed to achieve to make the numbers work with the lenders and getting a loan capitalize like this in COVID isn’t that easy. We put together a syndication of four lenders to fund the debt.”
PRP first got involved in attempting to work out a deal in September. By November, the company was fully focused on making the deal.
The firm based in Washington, D.C., invests in top markets throughout the nation. This deal represents its first office acquisition in the Philadelphia region.
Dougherty noted that the headquarters “checks all of the boxes” and is “an unbelievable asset.”
The headquarters are a part of Sora West, a larger mixed-use development in Conshohocken.
Read more about the sale in the Philadelphia Business Journal by clicking here.
