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Mid Atlantic Real Estate Journal — Pennsylvania — August 14 - 27, 2020 — 15B
Six-story, 255,000 s/f office venue incorporates smart glass technology Keystone unveils high-performance office space at ‘1K1’ in Conshohocken, PA
ONSHOHOCKEN, PA — Keystone , a leading real estate developer and investor of mixed-use properties, today announced it has rebranded the former Four Falls Corpo- rate Center in Conshohocken, PA as 1K1, a name derived from its location at 1001 Con- shohocken State Rd. and re- flecting its premier-model status. The six-story, 255,000 s/f office venue was acquired by Keystone in August 2019. Fol- lowing the purchase, the com- pany launched a multi-million dollar repositioning and reno- vation plan to transform it into a best-in-class trophy office building that offers superior functionality, luxurious ame- nities and a prime location in the increasingly dynamic submarket of Conshohocken. “We are excited to unveil 1K1, a modern and innova- tive campus that joins our successful SORA East and SORA West properties in creating the next step in the elevation of Conshohocken’s thriving office market,” said Rich Gottlieb , president of Keystone. “Keystone has long believed that Conshohocken is C
towel service; prime event space utilizing 1K1’s soaring interior atrium and exterior terraces; six levels of covered parking and the highest park- ing ratio in the market; new restrooms; complimentary KeystoneConnect Wi-Fi; and potential signage opportuni- ties with high visibility. JLL ’s senior vice president Whitney Hunter , senior vice president Nick Sannell i, and senior associate Shannon Burns have leased an excess of 20,000 s/f of space and continues to see interest from tenants who are seeking top- of-the-line workplaces where their investment will attract top talent in a premier and dynamic location. The building also provides its tenants with added ap- peal due to its location in West Conshohocken, which is easily accessed by main thor- oughfares and local in-roads. Just minutes from the Main Line and Conshohocken’s SEPTA Train Station, 10 minutes from the Rte. 202/ King of Prussia corridor, and 25 minutes from Center City, Philadelphia, 1K1 offers an urban-suburban campus with prime accessibility. MAREJ "We had a t remendous amount of interest in Bensalem Crossing, as investors remain bullish about the long-term prospects of grocery-anchored shopping centers and necessity- based retail," Galbally said. "Bensalem Crossing is the definition of a necessity-based shopping center, as all of the tenants were deemed essential retailers and remained opened during the pandemic, further drawing interest from potential investors." "The debt markets also recog- nized the strength and stability of the asset, and we were able to execute debt at a favorable rate with one of JLL's long-time cor- respondent partners," Halpern added. MAREJ
1K1 renderings
one of the most dynamic and attractive areas in the entire Philadelphia region, and we are proud to be a part of its continued transformation.” The building is the Phila- delphia office market’s first to incorporate smart glass tech- nology. With a range of auto- sensing tint levels, the glass anticipates the sun’s movement and adjusts in response to temperature levels, glare and daylight throughout the work- day, creating an unparalleled
environment that boosts the health and wellbeing of its oc- cupants while reducing energy consumption. “The smart glass will be the most unique feature at 1K1, and among the most innova- tive office amenities in the entire region,” said Gottlieb. “Modern companies are in- creasingly in search of offices that support their employees’ mental and physical health. Along with other amenities and desirable location, this
technology helps ensure this campus will remain a place where employers can attract and retain the talent that will fuel their growth and success.” 1K1 offers suites ranging from 1,350 to 60,000 contigu- ous rentable s/f, and boasts a best-in-class amenities pack- age that includes high-tech conference and meeting space with food/catering options available; on-site Nourish Cafe; new fitness center with locker rooms, showers and
Adler Realty purchases Bensalem Crossing for $12 Million BENSALEM, PA — Adler Realty Investments has pur- chased Bensalem Crossing, a 67,215 s/f retail property in Bensalem, for $11.5 million. Nationwide Life Insur - ance Co. originated a $7.1 million acquisition loan for the purchase. JLL Capital Mar - kets represented the seller, a private investor, and secured the financing for the buyer. ing directors Chad Orcutt and Brian Halpern and director Mike Pagniucc i.
Located at 2200 Bristol Rd., the property comprises two sin- gle story buildings completed in 1999. At the time of the sale, the center was fully occupied by ShopRite, CVS and Verizon. The marketing process com- menced in April during the COVID-19 pandemic and, due to the essential nature of the rent roll and a new long-term lease with the grocer, the asset garnered significant attention
Bensalem Crossing
from the investment commu- nity despite the economic condi- tions caused by the pandemic. The JLL Retail Capital Mar-
kets team representing the seller was led by senior man- aging directors JimGalbally and Chris Munley and senior
director Colin Behr . The JLL Debt Placement team representing the new owner was led by senior manag-
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