KBS Realty Advisors is looking to get back into the
Philadelphia office market and has reportedly put 1000 Continental Drive in
King of Prussia, Pa., under agreement, according to people familiar with the
matter.
The Newport Beach, Calif., real estate company is offering $61
million for the six-story, 205,424-square-foot building that sits at the
crossroads of Route 202, the Schuylkill Expressway and Swedesford Road, these
sources said.
Equus Capital Partners of Philadelphia constructed the
building on speculation beginning in 2006. Though it took some time to lease up
because of the recession, it is now 84 percent occupied by some marquee tenants
including the Hartford and Worldwide Clinical Trials.
The building was put up for sale in September and was
expected to get a lot of investor interest because of the quality of the asset,
its tenants and location. Jones Lang LaSalle is marketing it.
KBS Realty has had a local presence. In 2008, it bought Five
Tower Bridge, an eight-story, 222,058-square-foot building at 300 Barr Harbor
Drive in West Conshohocken, Pa., and sold it in 2012.
Source: Philadelphia
Business Journal
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