Douglas Rodio and Jordan Muchnick of the Philadelphia office of Marcus & Millichap Real Estate Investment Services represented the seller and also procured the buyer. Rodio tells GlobeSt.com the building, which is located in the Longwood Corporate Center South office complex, was constructed in 1990.
It is currently 50% leased, according to Rodio. The asking rental rate is $22.00 per sf, he says, which provides the buyer with significant upside potential. The new owner will continue to operate it as a multi-tenant office facility and plan to renovate the property's common areas. Justin Soss and Don Grimes of KarMar Realty Group have been hired to handle the leasing.
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