One Belmont Avenue or GSB building, it is known by both names, is a 245,000-square-foot property with 12 floors that is being purchased by real estate company Keystone Property Group.
Keystone currently holds four office properties in Bala Cynwyd: 15 King’s Grant, 150 Monument Road, 224 City Avenue and One Presidential Boulevard with total square footage of 375,000. Their latest soon to be acquisition is presently owned by Maguire & Partners, which put the property on the market in December.
One Belmont was bought by Maguire & Partners in a 2004 joint venture for $37 million. At the time of its last purchase the property had an occupancy of 84 percent. Presently less space in the building is available as it boasts a 93 percent occupancy rate. However much of its value lies not so much in its use as an office property as for the development opportunities it presents.
Bala Cynwyd’s relatively new zoning laws permit a denser, mixed-use development in a designated area in the vicinity of City Avenue. This means that a large surface lot at the site could be used for the construction of a building containing space of almost 300,000 square feet.
Any new building built at One Belmont Avenue will have to be given its own name so as to distinguish it from the present building when tenants order their personalized Stationery.
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