630 Park Ave., a two-story office building in the King of Prussia Business Park, was sold to a partnership including Radnor Property Group, a Radnor, PA-based real estate investment and development firm. While the exact price has not been disclosed, 630 Park Avenue LP purchased the asset for more than $120 per sf.
Trammell Crow Co. investment services group vice president Steve Marzullo and Tom Sklow, principal, brokerage group, brokered for the seller. The buyer was self-represented.
The property is fully occupied by UK-based pharmaceutical firm GlaxoSmithKline, which recently renewed its two leases for $19 per sf plus electric.
According to Marzullo, the partnership held the property for five years before deciding to sell. "They are not long-term holders," he tells GlobeSt.com. "They're opportunity buyers, and with brand new leases in place this was the right time to sell."
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