Said to be one of the largest multi-tenant suburban office sales in the country this year, FLD Group and the Adjmi family have acquired the Bala Plaza office complex from Tishman Speyer for $185 million. The buyers plan to follow through on redevelopment plans for the 61-acre Bala Plaza site previously put forth by Tishman Speyer. The master plan, which was recently approved by Lower Merion Township, features 2.1 million square feet of new development with multiple retail sites, a 168-room hotel, approximately 750,000 square feet of office space, and 750 residential units. The master plan for Bala Plaza lays out a redevelopment process that could take 25 years.
Source: Philadelphia Business Journal; 11/13/2023