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Conshohocken’s Millennium buildings sold to King of Prussia real estate investment firm

Morgan Properties purchased the buildings from Stabilis Capital Management of New York.

The Millenium I office building in Conshohocken.
The Millenium I office building in Conshohocken.

King of Prussia-based Morgan Properties Inc. has paid $52 million for the Millennium I, II and III office buildings on the Schuylkill waterfront in Conshohocken.

Morgan purchased the buildings from Stabilis Capital Management of New York, according to a release Friday from Doug Rodio, co-head of real estate services firm Holliday Fenoglio Fowler L.P.'s Philadelphia office, which represented Stabilis in the deal.

Stabilis placed the Washington Street properties on the market after the buildings' largest tenant, AmerisourceBergen Corp., announced that it planned to relocate when its lease expires in 2020.

The drug distributor, which occupies about half of the three building’s collective 200,000 square feet, said in June that it would move to a new headquarters to be built for the company at the so-called Sora West development site elsewhere in Conshohocken.

The buildings were developed by King of Prussia-based O’Neill Properties Group. Stabilis, O’Neill’s lender on the properties, took over the buildings in 2017, the Philadelphia Business Journal has reported.

Morgan has primarily — if not exclusively — been an owner of residential properties, with a portfolio of 155 apartment communities comprising more than 45,000 units in 11 states. It counts itself as the 20th largest apartment owner in the country.