Oliver Tyrone Pulver Corp. partners up to develop office tower in Philadelphia

Oliver Tyrone Pulver Corp. (OTP) has signed a partnership agreement with American Real Estate Partners (AREP) and Partners Group to co-develop Seven Tower Bridge, a 14-story, 260,000-square-foot office tower scheduled to open in November 2020 in Conshohocken, Philadelphia’s premier suburban commercial hub.

“This partnership brings together two of the region’s very best developers and investors to deliver the finest new trophy office tower available in Philadelphia,” said Brian Katz, president of AREP, which also owns the 345,000-square-foot Eight Tower Bridge on the adjacent site. “There are few suburban locations that deliver the transit, amenities, quality, walkability and livability as Conshohocken.”

Hamilton Lane, a global alternative investment management firm, has signed a lease to occupy 130,000 square feet of Seven Tower Bridge beginning in 2021. Hamilton Lane will occupy the top five floors of Seven Tower Bridge, and the tower’s penthouse will feature the Hamilton Lane logo.

Construction financing will be provided by Mesa West Capital, a unit of Morgan Stanley Investment Management.

“We are pleased to deliver a new office building to provide the location and urban-quality office environment that leading companies require to attract and retain the region’s top talent,” said Donald Pulver, president of OTP.

Located at the intersection of I-76 and I-476, one block from the SEPTA regional rail station, and adjacent to Philadelphia’s Main Line suburbs, Seven Tower Bridge provides access to a wide pool of professionals.

Seven Tower Bridge will feature floor-to-ceiling glass walls, travertine marble lobby, riverview collaboration space, an outdoor patio and terrace, riverfront walking path, 30-mile bike trail, fitness center, bike room, cafe, and two nearby Marriott hotels. Four levels of underbuilding parking lift the first office floor up to 50 feet above grade, giving every office unobstructed views and natural light. The 180-foot tower will also be highly visible to the 300,000 motorists traveling daily on I-76, I-476 and the Fayette Street Bridge.

Limited development activity over the past decade and strong demand for newer-generation class A space has kept vacancy rates in Philadelphia’s transit-oriented premier suburbs under 10 percent.

OTP will lease 4,000 square feet of space in the new building, providing an on-site owner-manager that will continue the Tower Bridge reputation for first-class property management. Shoemaker Construction, the building’s general contractor, will lease 5,000 square feet.