The park was completed in 1978. The joint venture purchased the property in 1997, and the owners made significant capital improvements that enhanced the property's rent rolls, according to a statement from Praedium.
Jeff Granowitz, a Praedium principal, says the park's "solid strategic business location . . . allowed us to capitalize on steady demand for tenants seeking a relatively low-cost alternative with the Route 202 corridor." The park was 91% occupied at the time of Berwind's purchase.
The average asking rental rate for office space in the King of Prussia submarket in Chester County west of Philadelphia is currently approximately $26.50 per sf, brokers tell GlobeSt.com. They also say sublease space is exerting downward pressure on rates and concessions are common.
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