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Office Insight

United States | Philadelphia, PA

Report | Philadelphia Suburbs Office Insight - Q3 2015

Summary

Four large investment sales took place this quarter in King of Prussia / Wayne totaling $211.5 million. 

CrossPoint at Valley Forge, a recent redevelopment project at 550 E. Swedesford Road, sold for $328 per square foot, topping last year’s high watermark of 1000 Continental Drive by $22 per square foot. Elsewhere, Liberty Property Trust continued its exit from suburban Philadelphia office buildings, selling a three-building portfolio at Devon Park Drive to a private partnership for $253 per square foot and the four-building Bay Colony Executive Park to Equus Capital Partners for $151 per square foot. The purchase price reflects the fact that Equus plans on renovating the outdated project back to true Class A space. 

Additionally, Class B office sales have broken the $200-per-square-foot water mark as the fully leased 211 S. Gulph Road sold for $205 per square foot.

Learn more about what’s happening—and what we expect to occur in the coming months—in the Philadelphia suburbs.

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