Keystone Property Group Acquires GSB Building at One Belmont Avenue in Bala Cynwyd
Landmark 245,000-square-foot property anchors larger development opportunity on eight-acre parcel
Keystone Property Group, a leading real estate developer, manager and investor of mixed-use properties, today announced its acquisition of One Belmont Avenue, also known as the GSB Building, in Bala Cynwyd, Pennsylvania.
Situated in the bustling City Avenue commercial corridor, where Keystone now owns five office properties, One Belmont Avenue comprises 245,000 square feet of prime office and ground-floor retail space. The building is situated on an eight-acre parcel, which allows for significant additional mixed-use development opportunities.
Keystone, which specializes in reimagining office assets to create modern, lifestyle-oriented work environments, is planning significant upgrades to the existing 12-story GSB building. Proposed renovations include: new elevators, an upgraded HVAC system, enhanced lobbies and restrooms, and an improved parking structure.
“The GSB Building is ideally positioned in one of the most desirable business districts anywhere in the Philadelphia region,” said Richard Gottlieb, SVP at Keystone. “We’re excited to revamp this iconic asset to make it a more up-to-date and engaging place to work. But, perhaps even more exciting is the potential for the addition of a dynamic mixed-use component on the property, thanks to development opportunities afforded by the new City Avenue Zoning District.”
Currently, the GSB Building is 93 percent occupied, attracting a diverse mix of local, regional, and national businesses. The property is located near the intersection of I-76 and Route 1, about 12 minutes from Philadelphia’s Center City.
Keystone acquired the property from Maguire & Partners, which purchased the building in 2004. Robert Fahey, Jerome Kranzel, Erin Hannan of CBRE and Gene McHale of Beacon Commercial Real Estate represented Maguire in the transaction.