The property was completed in 1981 and has approximately 175,000 sf of rentable space. It is currently 82% leased. Area brokers tell GlobeSt.com the asking rental rate for class-B office space in the King of Prussia suburban market is about $22 per sf.
A restaurant and banking services are on the property. According to a statement, BPG will add amenities, including concierge service, a day care center, an exercise room and conference facilities. Christopher Locatell, BPG project director, also listed additional planned capital improvements, including new windows, an HVAC upgrade, the conversion of loading dock doors to glass door entrances, general repairs and a new landscaping plan in the statement.
The purchase is for BPG Investment Partnership V, a $225-million fund sponsored by BPG.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
