Revamped mixed-use office property in Bala Cynwyd is now 94-percent leased
Keystone Property Group, a leading real estate developer, manager and investor of mixed-use properties, today announced the signing of Allied Mortgage to a 19,518-square-foot lease at 225 City Avenue, Keystone’s mixed-use office and retail property in Bala Cynwyd, Pennsylvania. The 94-month lease brings the building’s occupancy rate to an impressive 94 percent. Ina Sargen and John Susanin of Colliers International represented Keystone Property Group in the transaction. David Binswanger, Rick Conly and Doug Kelly of Binswanger served as brokers for Allied Mortgage.
Located on Bala Cynwyd’s City Avenue corridor, 225 City Avenue is a three-story, 76,444-square-foot modern office property that offers a unique work experience to its tenants’ employees. The building’s prime location offers easy access to nearby Interstate 76, as well as SEPTA train and bus routes that service the entire suburban Philadelphia region. A longtime Keystone asset, the building was renovated in 2008 to add retail space, and is now home to Katz’s Deli and a health food store.
“We updated this property several years ago with the clear intention to capitalize on its highly visible location on one of the Main Line’s most vibrant and desirable corridors,” said Keystone President and Chief Operating Officer Richard Gottlieb. “Through the addition of attractive retail and dining options onsite, the property’s full potential has been unlocked, enabling us to consistently attract quality tenants, such as Allied Mortgage. We are thrilled that another prestigious, Pennsylvania-based business is choosing to call 225 City Avenue home.”
Allied Mortgage is a direct lender and servicer of residential mortgage loans that has been servicing the suburban Philadelphia market and beyond since 1993. The company was previously based at another Bala Cynwyd location, but was drawn to 225 City Avenue by its prime location and comprehensive suite of modern amenities.
About Keystone Property Group
Keystone Property Group develops and invests in commercial properties, creating inspired work and retail spaces that encourage collaboration and cultural vibrancy. With offices located in Conshohocken, Pa.; Miami, Fla.; New York and New Jersey, Keystone operates in well-located urban and suburban locations to build, revitalize, and unlock potential in office buildings designed to meet the evolving demands of the modern workplace.
The company, which also manages a set of real estate investment funds, has been recognized by Inc. 500 magazine, the Entrepreneurs’ Forum and the Wharton Small Business Center, and several of its projects have earned “Best Real Estate Awards” from the Philadelphia Business Journal and BOMA (Chicago). For more information, please visit www.keystonepropertygrou p.com.