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83,840-SF Citizens Gateway Center Changes Hands

PLYMOUTH MEETING, PA-Hilton Realty acquires the fully leased, 83,840-sf class A office building at 3025 Chemical Rd. here from Fox Cos. Brokers speculate, given the quality of the tenants, the price exceeded $200 per sf.

By Marita Thomas | Updated on May 26, 2004

PLYMOUTH MEETING, PA-Chesterbrook, PA-based Fox Cos./RJRA Associates LP sells Citizens Gateway Center, a class A, 83,840-sf office building, to Hilton Realty for an undisclosed price. On condition of anonymity, two area brokers tell GlobeSt.com that, given the quality of the tenants and the location, the price was probably between $17 million and $19.5 million, or well in excess of $200 per sf.

Over the past six months, two office properties in the Plymouth Meeting and King of Prussia submarkets, which were not fully leased, commanded prices of between $190 per sf and $195 per sf.

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