The seller is locally-based Hough/Loew & Associates, an affiliate of the developer of the park, J. Loew & Associates. Loew's has developed 260,000 sf of office facilities in the park, including build-to-suit properties for ING, CB Technology, and Weston Environments.
Glenloch Center is approved for approximately 1.1 million sf of office space. It is adjacent to the interchange of the Route 30 bypass and US. 202. The asking rental rate in the park is between $19.75 per sf and $20.25 per sf, according to area brokers.
This is BPG's second major purchase in the opening week of August. It also bought the 12.55-acre King of Prussia Center, which has 14 buildings. In addition to Glenloch, BPG has five current projects under development in Pennsylvania. They are 300 Four Falls in Conshohocken, Providence Corporate Center in Upper Providence Township, New Britain Corporate Center and Lower Makefield Corporate Center in Bucks County, and Valley Forge Distribution Center in Oaks, PA.
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