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County Takes One Montgomery Plaza for $26M

NORRISTOWN, PA-Montgomery County currently occupies nearly 60% of the 228,000-sf office building across from the courthouse. The acquisition from AMC Delancey gives it room to grow.

By Marita Thomas | Updated on November 21, 2006

NORRISTOWN, PA-Montgomery County has acquired One Montgomery Plaza from Philadelphia-based AMC Delancey Group for just north of $26 million, or about $114.39 per sf. The 10-story, 228,000-sf office building, named for its address, is across the street from the courthouse.

The county currently leases more than 132,000 sf, or nearly 60% of the building. Other tenants lease about 34,000 sf, and approximately 60,000 sf is available. “This is an excellent deal for us,” says Thomas Ellis, chairman of the county commissioners, in a statement. “With no room for expansion in the courthouse and being aware that other state counties are paying $100 million or more to expand their courthouses, it just made sense. We now have more room to grow.”

AMC is in the process of switching strategies from owner/operator to a provider of equity and resources with operating partners in more diverse real estate sectors over a wider geographic area. In line with that transition, it put this asset, one of its few remaining legacy properties, on the market in mid-September.

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