PRP invests in new global HQ project
A Washington, D.C.-based real estate firm has purchased a preferred equity stake in the new 429,122-square-foot Conshohocken headquarters for AmerisourceBergen Corp.
The office building is part of the 520,000-sqyare-foot SORA West project under development by Keystone Property Group.
AmerisourceBergen is a leading global healthcare company, with a foundation in pharmaceutical distribution and solutions for manufacturers, pharmacies and providers. The company will be consolidating from two nearby office buildings in Conshohocken as well as its current headquarter spaces in Chesterbrook.
AmerisourceBergen’s new headquarters will serve as an anchor for the SORA mixeduse development . The 11-story building includes office and amenity space as well as two levels of parking, according to a press release announcing the deal.
The new headquarters is expected to house approximately 1,500 AmerisourceBergen associates, and will include a fitness center, on-site dining services, a training facility, and a community plaza on the lower floors. To promote sustainability, the project will be pursuing LEED Silver Certification, according to the release.
“PRP was provided the opportunity to participate in this transaction with Keystone Property Group through a preferred equity investment,” Paul Dougherty, president of PRP, said in the release. “Building upon our existing $2.5B net lease portfolio, the Gensler-designed AmerisourceBergen building is literally the finest building in the state of Pennsylvania. We are thrilled to be part of such a terrific development.”
Once complete, the SORA West development will consist of the AmerisourceBergen headquarters, a 127-key Tapestry Collection by Hilton hotel called Hotel West + Main, the repurposed 146-year-old historic firehouse with a first-floor dining experience and second-floor gastropub, a sweeping amphitheater and public plaza for events and live music, and a 1,500-space public and private parking garage.
“PRP’s investment underscores Keystone’s ability to envision the corporate headquarters of the future, and create a workplace that meets the demands of a post-COVID world,” Bill Glazer, founder and CEO of Keystone Property Group, said in the release. “Our ability to partner with a top 10 Fortune-100 company and deliver on their expectations attracted an investment that sets the market not only for suburban Philadelphia but corporate centers throughout the country.”
SORA West is located at One West First Avenue in Conshohocken. Construction on the AmerisourceBergen office building began in April 2019. According to a Keystone Property Group spokeswoman, groundbreaking for the SORA West Hotel is planned for Thursday, March 4.