LOWER MERION — One of Lower Merion’s major office complexes has a new owner
The three Bala Plaza office properties in Bala Cynwyd were recently sold to FLD Group, Inc. and the Adjmi family for $185 million from Tishman Speyer.
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According to a press release announcing the sale, the new owners will continue the redevelopment plans for the property, which are designed to transform it into a modern destination while adding new amenities to the area.
“We are excited to oversee this iconic Main Line property and plan to embark upon the development of the approved master plan obtained by former owner Tishman Speyer. The 2.1 million square feet of new development will include multiple retail sites, a 168-room hotel, approximately 750,000 square feet of office space and 750 residential living units,” a spokesperson for FLD Group, Inc. and the Adjmi family said.
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FLD Group (MS Real Estate Management) is a family-run business, established more than three decades ago that specializes in commercial office space and manage and service more than 1.5 million square feet of commercial real estate throughout the United States.
The Adjmi Family, A & H Acquisitions Corp., founded by the Adjmi family several decades ago, is a private real estate investment and management organization headquartered at 1412 Broadway in New York City. The company has built a portfolio of over 100 properties in the New York Metropolitan area, as well as many out-of-state properties.
The acquisition of Bala Plaza marks a significant milestone for the local community and the real estate market. The properties located at One Bala Plaza, Two Bala Plaza, Three Bala Plaza East, and Three Bala Plaza West — as well as a freestanding Saks Fifth Avenue department store off City Avenue, have long been a cornerstone of City Ave District and its redevelopment is poised to bring enhanced vitality and economic growth to the area.
City Ave District’s President and CEO, Bryan Fenstermaker, expressed support for the project, stating, “We’re energized by the sale of Bala Plaza and the dedication by FLD Group, Inc. and the Adjmi Family to continue the incredible vision for our community. This investment is further validation of the value and opportunity industry leaders like these two groups see in City Ave District. I look forward to working together on this game-changing project.”
Among the highlights of the redevelopment project include a modern hotel development. The hotel project is an upscale hotel catering to business and leisure travelers.
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The commercial spaces for the Bala Plaza properties will undergo renovations to provide contemporary commercial spaces, offering a mix of retail and office opportunities for businesses looking to thrive in a revitalized environment.
During the approval process in Lower Merion, officials described the Bala properties as a sea of asphalt due to the large parking lots that surround the buildings. Under the approved plans, many of those parking lots will be transformed into green space that will be added throughout the three sites.
The redevelopment project is anticipated to generate job opportunities during construction and operational phases, contributing to local employment and economic development.
Lower Merion officials approved the master plan for the properties’ upgrades last year. The work on the properties is expected to take place over the next two decades.
The transaction is one of the largest multi-tenant suburban office sales in the country this year, according to the buyers.
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