Saturday, September 8, 2012

BPG Puts Collegeville IMS Buildings Up For Sale

by Natalie Kostelni

Two office buildings anchored by IMS Health Inc. in the Providence Corporate Center here have been put up for sale by BPG Properties Ltd.
The buildings, which combined have a total of 183,363 square feet, could sell for around $40 million, or more than $200 a square foot, according to one estimate.
BPG Properties constructed Highview I and Highview II in 2003 for Wyeth Pharmaceuticals. Highview I at 400 Campus Drive totals 78,546 square feet and Highview II at 200 Campus Drive totals 104,799 square feet.
They are located on Route 29 just off of Route 422 and across the street from Providence Town Center, a retail development that includes a Wegmans, Movie Tavern and Dick’s Sporting Goods.
The buildings were developed with one of BPG’s early funds. BPG Properties, a private real estate company in Philadelphia, has decided to sell the buildings as part of disposing of assets when it closes out a fund and the investment period has run its course, Vesey said.
When Pfizer bought Wyeth, the pharmaceutical company decided in 2009 it no longer needed the space and that opened the way for IMS Health to make it an option when it was searching for new office space. IMS Health, based in Parsippany, N.J., provides business and information-technology services to pharmaceutical and health-care companies.
In 2010, IMS Health decided to relocate from 212,000 square feet at 660 W. Germantown Pike in Plymouth Meeting and consolidate more than 1,000 employees into about 160,000 square feet of the Highview buildings. The remainder of the space, about 23,000 square feet, is vacant.
IMS signed a lease that runs through September 2022. The move was big. IMS had made its regional headquarters in Plymouth Meeting since the late 1980s.
Earlier this year it sold the building it owned on Germantown Pike to Brandywine Realty Trust.

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