August 9, 2021Philadelphia Business Journal
Nearly three weeks ago, Hamilton Lane moved into its new headquarters in the recently completed $112 million Seven Tower Bridge in Conshohocken.
The building joins Sora West, a newly constructed headquarters for AmerisourceBergen that is just steps away, as well as a series of multifamily developments under construction in the borough. All told, these may be among the last large-scale projects built in Conshohocken, bringing to a close the more than three- decade development cycle that reshaped this Montgomery County community.
Local firm Oliver Tyrone Pulver built One Tower Bridge in 1988 and developed Seven Tower Bridge in a joint venture with American Real Estate Partners and Partners Group, but finding a site for its next Conshohocken project is proving difficult.
“The town is pretty well built out," said Don Pulver, the company's president. "There’s not any place to put any more new buildings that is obvious.”
For Pulver, AREP and others who own commercial real estate in
Conshohocken, that makes their properties all the more valuable.
Even Hamilton Lane adjusted its space last year, realizing it didn't need as much space as it had first planned. The region's largest private equity firm initially signed a lease on 130,000 square feet across five of Seven Tower’s top floors but decided last summer to sublease one of those floors.
Hamilton Lane has not found a tenant for the space but is considering it as an option for future growth. "Given the current environment, coupled with our continued strong growth, the flexibility of extra space was always something that we viewed to be attractive," said Kate McGann, company spokeswoman.
That the building is just a little more than half leased doesn’t worry either Pulver or Doug Fleit, CEO of AREP.
“We’re in a good financial spot and we have a long-term investment here,” Fleit said. “When we did the initial lease with Hamilton Lane, we put enough equity in the deal. What has been surprising to us is the activity we are seeing now. Conshohocken seems to be a market of particular focus.”