Eastern Atlantic States Regional Council Of Carpenters Acquires Former GSK Office In Philadelphia For $52M

The Eastern Atlantic States Regional Council of Carpenters purchased a former GSK office located at 5 Crescent Drive in Philadelphia, for a transaction amount of $52 million. The property encompasses a total area of 207,779 square feet, translating to a price per square foot of $250.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $52,000,000
• Buyer: The Eastern Atlantic States Regional Council of Carpenters
• Seller: Jeff Krasnoff - Rialto Capital Management
• Broker: Tim Conrey - Scheer Partners
• Date of Sale: 01/05/2026
• Market: Philadelphia

Tim Conrey from Scheer Partners represented The Eastern Atlantic States Regional Council of Carpenters in this transaction. The union plans to relocate 125 employees to the Navy Yard building within six months and intends to construct a 110,000-square-foot training facility on the property's parking lot, indicating a focus on expanding its operational capabilities while repurposing a vacant office asset.