Keystone Property Group Acquires 245,000 SF Office Building in Pennsylvania
Keystone Property Group has significant upgrades, including new elevators, lobbies and restrooms, planned for One Belmont Avenue in Bala Cynwyd, Pa.
BALA CYNWYD, PA. — Keystone Property Group has acquired an office building located at One Belmont Avenue in Bala Cynwyd from Maguire & Partners for an undisclosed price. Situated in the City Avenue commercial corridor, the property, also known as the GSB Building, comprises 245,000 square feet of office and ground-floor retail space. Keystone plans upgrades for the existing 12-story building, including new elevators, an upgraded HVAC system, enhanced lobbies and restrooms and an improved parking structure. Located on an eight-acre parcel, the property allows for significant additional mixed-use development opportunities. At the time of acquisition, the property was 93 percent occupied. Robert Fahey, Jerome Kranzel, Erin Hannan of CBRE and Gene McHale of Beacon Commercial represented the seller in the transaction.