PHILADELPHIA — One Presidential Blvd., the 120,000-square-foot building in Bala Cynwyd where Aamco Transmissions Inc. has its headquarters, is in limbo.
When Aamco announced March 8 that it would be bought out by Cottman Transmission Systems Inc., it meant that Aamco will no longer need its Bala Cynwyd building. The new entity, which will go under the Aamco name, will be based at Cottman’s headquarters at 201 Gibralter Road in Horsham.
The Bala Cynwyd building was not part of the deal and is owned by a family trust related to the Morgan family, which owned Aamco.
“We haven’t made any final decision on whether we would sell it or not,” said Keith A. Morgan, CEO of Aamco prior to the merger and son of its founder Robert Morgan. “I’m not sure which way we’re going to go.”
The building, which can be seen from the Schuylkill Expressway, was originally constructed in 1956 for the regional headquarters for Gulf Oil Co. Aamco occupies about 35,000 square feet of the building and other tenants, such as the University of Pennsylvania Health System also take space in the structure. There is in excess of 50,000 square feet of vacant space.
Aamco has invested in upgrades to the building over the years, include new mechanical systems, and is looking at making other renovations to its facade.
Mallin Panchelli Nadel arranged the $7 million sale of the Lincoln, a 46-unit apartment building at 1220 Locust St., Center City, which will be marketed as condominiums by the new owner, Bhumi Real Estate of Philadelphia. The building was originally converted using historical tax credits from a hotel into apartments by the seller, a local family going under the name 1222 Locust St. Associates, in the 1980s. Mallin Panchelli was also involved in the sale of upper floors at 1530 Chestnut St., which Grasso Holdings is converting the condos.
Natalie Kostelni, Reporter
Philadelphia Business Journal