Real Estate Alert (limited listing for non-subscribers).
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Friday, May 9, 2008
5 Tower peddled for $78M
  Five Tower Bridge in Conshohocken is up for sale; asking price, $78 million, reports Real Estate Alert (limited listing for non-subscribers).
  The 8-story, 224,000-sq ft, Skidmore Owings & Merrill-designed tower counts Keystone Foods ($32.50/sq ft, 2016 expiry), Nationwide ($33/2013), BTG International, and Eli Lilly among its tenants. It was finished in 2001 by Oliver Tyrone Pulver Corp. and a client of Cornerstone Real Estate Advisors. CB Richard Ellis's Robert Fahey has the listing, though he didn't return Phillydeals' calls, no doubt cause he suspects we're just testing the market, not looking to buy.
  Besides its role as a broker, CBRE is one of the nation's big real estate investors, #15 on Private Equity Real Estate magazine's new list of the 30 biggest investors. Blackstone Group, with $20 billion, tops the list. Philadelphia's Lubert Adler, with almost $3 billion, is the lone local entry.
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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