Vertex HQ Trades in $26M Sale-Leaseback

BERWYN, PA-The Westphal family, which owns Vertex Inc., a tax software company, has sold the company’s headquarters, the Cassford Office Complex at 1041 Old Cassatt Rd., to Conshohocken-based Trinity Capital Advisors. At the close, Vertex inked a 10-year lease for the 131,000-sf, five building complex.

To fund the buy, TCA obtained a $22.5-million fixed-rate acquisition loan, arranged by Philadelphia-based BlueStone Real Estate Capital. Kris Wood, BlueStone’s managing director, secured the funding from JP Morgan. It has an 85% loan-to-cost ratio, which puts the price tag for the property at nearly $26.5 million, or just above $202 per sf.

Matthew McManus, chairman of BlueStone, tells GlobeSt.com the deal was initially difficult to finance, because “Vertex is a private company, and it had signed up for 100% occupancy for 10 years.” However, following due dilligence and the company’s 30-year history, both Trinity and JP Morgan became comfortable with the deal.