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 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.