Davin Lamm, vice president at Mahoney Realty Group, Ardmore, PA goes even further. "The papers were signed last week," he says. "Susquehanna paid $100 million."
Both are referring to the long-rumored acquisition of 401 City Line Ave. here by tenant Susquehanna International Group LLP. While tales of the sale have been swirling throughout the local real estate community for years, Neely, who says he is officially involved in every real estate transaction in Lower Merion, the suburban Philadelphia township where Bala Cynwyd is located, may be the first local official to confirm the deal.
And that deal is said to be a whopper. In what Mahoney called "the largest transaction for one building in this area," Susquehanna reportedly paid close to the $100-million asking price in what was said to be a fiercely competitive bidding process.
The deal would give the firm plenty of room to grow, reportedly a major criterion in the firm's search for space. The 400,000-sf building sits on a 19-acre site, 200,000 sf of which can be built on, according to terms of the deal cited in published reports. That should more than accommodate Susquehanna's rumored intention to create a 50,000-sf trading floor on the site.
Susquehanna has not filed a resale certificate for the sale of the building, a township requirement. Nevertheless, Neely and Mahoney stated with absolutely surety that the deal is as good as done. Officials at Susquehanna and Lend Lease, which manages the property and is reportedly handling the sale, did not return calls.
Susquehanna has been scouting locations for the past few years to accommodate its growing business but the final choice is said to be the firm's current headquarters, the 400,000-sf City Line Avenue property. One of the area's most prestigious, and priciest addresses, the building features unobstructed views of the Philadelphia skyline and Fairmont Park. It was built in 1989 by the Fox Co. In 1995, Equitable Life Assurance Society of America acquired the property.
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