FD Stonewater has acquired Conshohocken, Pennsylvania-based River Park I, a multi-story office building. No financial terms were disclosed.
ARLINGTON, VA. (PRWEB) DECEMBER 14, 2017
FD Stonewater is pleased to announce that it has completed the acquisition of River Park I, a 170,000-square foot, multi-story office building located in Conshohocken, Philadelphia’s premier suburban submarket. This Class A facility is one of the few assets in the area with direct access to SEPTA Regional Rail and Center City Philadelphia.
The building is situated adjacent to Philadelphia’s city boundary, steps away from SEPTA’s Miquon Station, and features contemporary interior finishes, riverfront views, ample parking, as well as on-site amenities including walking trails and a café.
The building serves as the headquarters for Reimbursement Technologies Inc. (“RTI”). RTI has been a long-standing tenant of River Park, where it has grown since the early 2000’s to now occupy the entire building. Several capital improvement projects are underway.
River Park I marks the inception of FD Stonewater’s latest joint venture, fitting within the program’s long-term, single-tenant strategy. FD Stonewater’s partner is a foreign, family office investor.
Andrew Schwartzman, Principal and Head of Acquisitions for FD Stonewater commented, “We are thrilled to acquire River Park I, our first acquisition in the greater Philadelphia market, and our first deal with this JV partner. We are also excited to add another high-quality, transit-oriented asset to our national portfolio. We believe in the strength of Conshohocken and the Philadelphia suburbs overall, and look forward to acquiring additional assets within the venture.”
About FD Stonewater
FD Stonewater is a boutique real estate investment, development, brokerage, and advisory firm headquartered in Washington, DC. Collectively, the firm’s leadership has a track record of more than $10 billion in investments, development, and acquisitions, and over 45 million square feet of lease transactions.