By Paul Schwedelson – Reporter, Philadelphia Business Journal
Apr 24, 2023
The Piscataway-based company hopes to capitalize on increased activity around the busy Lower Merion thoroughfare, which has seen an uptick in new development in recent years.
Norden Realty Investments bought the three-story buildings from Keystone Development & Investment in separate transactions nine months apart, first paying $19.25 million for a 76,663-square-foot property at 225 City Ave. in May 2022 and then acquiring a 56,641-square-foot building at 15 Kings Grant Drive for $20.35 million in February.
Norden expects to explore the possibility of repositioning the office buildings to focus on medical tenants. The Piscataway, New Jersey-based company hopes to capitalize on increased activity around the busy Lower Merion thoroughfare, which has seen an uptick in new development in recent years.
“You’re in between Philadelphia and some of the high-end suburbs. You’re in a very good spot,” said Jon Brinck-Lund, assistant vice president at Norden Realty Investments. “You need a churn. You need people, you need excitement and you need things happening. We think we’re right on the cusp of all that right there in those locations.”
There’s $300 million in active development projects underway along City Avenue, according to the City Avenue District. Keystone, Tishman Speyer Properties and Federal Realty Investment Trust all have projects in the area focused on mixed-use development, including new apartments, retail, dining and entertainment.
Most of Norden’s properties are in Central Jersey, and it didn’t own any properties in the Philadelphia area before buying 225 City Ave.
Nearly a year later, the company is busy planning what to do with the building. Radio station B101 (WBEB-FM), which is owned by Audacy, is moving to Center City and will leave behind 15,000 square feet when its lease ends in the first quarter of 2024. B101 is the biggest tenant in the building, which is 86% occupied. Other tenants include Allied Mortgage Group, Jefferson Health and Katz’s Deli.