Monday, December 2, 2013

1000 Continental Drive KOP Under Agreement for $61M

By: Natalie Kostelni Staff Writer for Philadelphia Business Journal
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.

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