New Owners of Bala Plaza Will Move Forward with Already Established Redevelopment Plan

Full Article By Tracey Romero

Published: 11:30 am EST November 14, 2023

The 5-building Bala Plaza complex was sold to FLD Group and the Adjmi family for $185 million and the new owners plan on keeping the current redevelopment plan in place, writes Paul Schwedelson for Philadelphia Business Journal.

The sale of the Bala Cynwyd property is one of the largest multi-tenant suburban office sales in the U.S. this year.

The Bala Plaza complex consists of four towers, 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.

The redevelopment plan that was developed by former owner Tishman Speyer features 2.1 million square feet of new development, including multiple retail sites, a 168-room hotel as well as almost 750,000 square feet of office space and 750 residential units.