08.24.06
Norristown, PA, Area Renaissance Boosts Office Leasing Market
Positive Effects Reach One Montgomery Plaza as Original Tenants Return and Leasing Activity Heats Up

Contact
Millicent Zonfrillo, Beckerman Public Relations
(908) 781-6420, millicent@beckermanpr.com

PHILADELPHIA, PA (AUGUST 24, 2006) – The one million dollar West Marshall Street Streetscape Project, the Main Street Streetscape Project, a Wayfinding/Directional Signage Project, street reconstruction, and, above all else, the future Lafayette Street Corridor Project are just a sampling of projects doing wonders to improve Norristown’s infrastructure. This renaissance is also giving the Norristown office market a potent boost, as leasing activity is rising and one-time Norristown tenants are retuning to their office roots.

At AMC Delancey Group’s One Montgomery Plaza building, which recently received a $3 million dollar renovation, original tenant Sam Trueblood and his company Morrow, Tompkins, Trueblood and Fittipaldi are returning to the building after a two-year absence. Additionally, AMC Delancey is seeing an influx of leasing activity and interest, particularly from lawyers, such as Trueblood, who value the building’s location directly across the street from the courthouse.

“Following the ongoing revitalization efforts occurring in Norristown, as well as the significant improvements made to One Montgomery Plaza, I decided to return to my first professional home,” explained Trueblood. “My return to One Montgomery Plaza is just one symbol of what’s happening in Norristown.”

Kenneth P. Balin, president and CEO of Philadelphia-based AMC Delancey Group, added, “Multi-millions of dollars are being reinvested into Norristown infrastructure, with development and redevelopment of office, retail and residential projects in and around the borough provoking a gentrification process similar to what other area county seats enjoy. Norristown will continue its rebirth with transportation improvements and development along the Schuylkill River. These modifications in the roadway system will make One Montgomery Plaza one of the most strategically located high-rise office buildings in all of suburban Philadelphia.”

Speaking of Norristown’s transportation improvements, the Lafayette Street Corridor Project will further enhance the already established transit infrastructure by providing easier access to the borough's downtown business district, while opening the borough's riverfront along the Schuylkill River for development. Plans are finalized for the total reconstruction of Lafayette Street with two lanes in both directions, the extension of Lafayette Street beyond its current dead-end at Ford Street to Conshohocken Road along with the construction of a new full E-Z Pass interchange on the Pennsylvania Turnpike. Also included in the project is a new exit ramp from the Dannehower Bridge to Lafayette Street to avoid traffic tie-ups on Markley Street, a widening of the DeKalb Street underpass at Lafayette Street as well as visual enhancements, streetscape improvements and general improvements for pedestrians along both Lafayette and Main streets. Additionally, a significant amount of property has already been sold to developers who are actively planning their projects.

“Now is the time to secure leasing within the Norristown business district, as the office space demand will continue to rise due to the ongoing infrastructure improvements,” said Eric K. Gorman, associate with Jackson Cross Partners, the lead broker for One Montgomery Plaza. “Norristown is in position to climb among the elite class of area destinations for business, shopping and living among more affluent and younger generations. We’re already beginning to see the positive changes, both visually within Norristown, and behind closed doors with office leasing interest.”

About AMC Delancey Group
Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a leading real estate investment and development firm that aligns interests and co-invests with a growing number of real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company's programmatic approach focuses first on the quality of potential operating partners, next on their investment strategies, and then on the specific properties proposed for acquisition. The Company's current investment programs include hotel, office, retail, multi-family, condominium, mixed use, and land development. AMC Delancey plans to expand these and future investment programs throughout the United States, with both existing and new operating partners, with investments targeted over the next several years in excess of one billion dollars. For more information on AMC Delancey Group, visit www.amcdelancey.com .

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