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Old Posted Sep 8, 2019, 7:36 PM
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Originally Posted by summersm343 View Post
Seven Tower Bridge aims for 2020 opening

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Quoted from article:

See Correction/Clarification at end of article

While it’s publicly unknown if Hamilton Lane, an investment firm with its local operations in Bala Cynwyd, has wrapped up a deal to lease space at Seven Tower Bridge in Conshohocken, what is certain is the clock is ticking on the development of the building.

Last month marked a year since Seven Tower Bridge Associates signed off on a court agreement to adhere to certain requirements by September 2020 regarding the 14-story, 255,000-square-foot office building at 110 Washington St. Seven Tower Bridge Associates, which is affiliated with Oliver Tyrone Pulver, promotes on its website that Seven Tower will open in 2020.

Key to opening by that date is landing one or more anchor tenants for the building. Private equity firm Hamilton Lane has been rumored for months to be the marquee tenant that has either signed or is close to signing a lease for between 120,000 and 140,000 square feet at Seven Tower. That is just over half of the building at the high end of the amount of space it is seeking.

That might not be enough to secure financing for new development, according to industry experts who say lenders prefer a minimum of 70% of a new building to be leased before signing off on a loan. Then, again, progress appears to be underway behind the scenes on Seven Tower.
A rendering of Seven Tower Bridge in Conshohocken.

A rendering of Seven Tower Bridge in Conshohocken.

Courtesy Skidmore Owings & Merrill/Oliver Tyrone Pulver Corp

“It is an extraordinary building that I am pleased to report is in the final stages of pre-development,” said Don Pulver of Oliver Tyrone Pulver in an email.

Hamilton Lane was more reticent when asked whether it has finalized a deal to take space in the building. “Unfortunately, we aren’t in a position to comment on this right now,” said Kate McGann, spokeswoman, in an email. Hamilton Lane occupies space in One Presidential Blvd. in Bala Cynwyd.
A rendering from an online marketing brochure for Seven Tower Bridge

A rendering from an online marketing brochure for Seven Tower Bridge

Oliver Tyrone Pulver

The developer had sought $2 million in Pennsylvania’s Redevelopment Assistance Capital Program for Seven Tower Bridge but so far has not received it, according to the latest round of funding released by the state in August.

Seven Tower Bridge Associates voluntarily filed in March 2018 for Chapter 11 bankruptcy protection as a way to stop a mortgage foreclosure proceeding that had been initiated. A settlement was reached through those bankruptcy proceedings in August 2018 with several contingencies chief among them that Seven Tower Bridge Associates: make interest payments; that certain loans be paid off; and tax payments be current, according to court documents. The plan provides though doesn't require the developer two years from that date to market the property, pre-lease it to tenants, secure a construction loan, and work toward getting it constructed. Though there is no requirement to have Seven Tower built by a certain date.

As an alternative, it could use those two years to market the approved development site to a third party buyer, according to court documents.

The building is being billed as the centerpiece of the Tower Bridge office complex developed by Oliver Tyrone Pulver in Conshohocken and West Conshohocken. It was designed by Skidmore Owings & Merrill. Aside from the office space, the project would have parking, front the Schuylkill River and have a 10,000-square-foot public area facing the river.

An earlier version of the story incorrectly stated that Seven Tower Bridge needed to be built within two years of a bankruptcy settlement made in August 2018. While there are several provisions that need to be met to adhere to that agreement, part of that doesn't include having Seven Tower built. In addition, the maturity date for that bankruptcy plan is Sept. 30, 2020. The article has been updated to reflect those corrections.
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