Search
 

260,000-SF Mixed-Use Property Sells for $34M

NEW YORK CITY-One of the largest properties in the King of Prussia, PA market is bought by sitting tenant PFPC, a subsidiary of PNC bank. The seller is O'Neil properties, also located in King of Prussia. PFPC occupies all but 30,000 sf of the building, the remainder of which is leased to ITT Technical Institute.

By Glen Thompson | Updated on May 15, 2002

NEW YORK CITY-Global fund and retirement services plan provider PFPC, a subsidiary of PNC Bank, has purchased the 260,000-sf mixed-use building it occupies in King of Prussia, PA. O’Neil Properties, also based in King of Prussia, sold the property for $34 million.

Pat Kelley and Sean O’Reilly of Cushman & Wakefield of Pennsylvania Inc. brokered for PFPC. O’Neil was represented by Jeff Mack of Smith Mack & Co. in the transaction. PFPC occupies all but 30,000 sf of the fully tenanted property with the remainder leased to ITT Technical Institute. While the lease term has not been disclosed, the rate is roughly $21 per sf plus electric, according to a source close to the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.