KING OF PRUSSIA, PA-KBS Realty Advisors shelled out $63 million to acquire 1000 Continental Drive here because its amenities and location possess "urbanization trend qualities" the company seeks in office building investments, said Shannon W. Hill, KBS senior VP.
"The asset's status as a LEED Silver-certified building also makes it the most efficiently run building in its competitive set," Hill added in a statement about last week's deal
California-based KBS bought the nearly fully occupied building from Philadelphia-based Equus Capital Partners LTD.
The property was speculatively built just before the onset of the recession and opened more than five years ago.
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Equus Capital Partners, Ltd. of Philadelphia reports it has sold its 1000 Continental Drive office building here to KBS Realty Advisors of Newport Beach, CA for $63 million.
The 205,424-square-foot building was 99% occupied at the time of the sale. BPG Development Company, L.P., the development-operating arm of Equus, completed the speculative development of 1000 Continental Drive on behalf of the ownership in 2008. Major tenants at the building include: Hartford Insurance, Nationwide, FT Services, Sedgwick Services, Farmers Insurance, UNUM and Guinan Financial Group.
"The sale of 1000 Continental represents the culmination of a successful development project that was delivered during one of the worst economic recessions in our history and highlights the value of delivering a top tier asset designed to meet today's demanding tenant requirements," states Equus Senior Vice President Stephen M. Spaeder, who was responsible for overseeing the development and management of the property.
Jim Vesey, Doug Rodio, Jim Galbally and John Plower of Jones Lang LaSalle represented the seller in the disposition of the property.
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