Friday, April 5, 2013

Equus Sells Highview Offices for $33M

TA Associates Realty acquired the Highview at Providence Corporate Center, a two-building office portfolio located at 200 and 400 Campus Dr. in Collegeville, PA from Equus Capital Partners, Ltd. (formerly BPG Properties Ltd.) for $33 million, or about $180 per square foot. 

Highview II is a four-story, 104,709-square-foot office building while Highview I totals 78,564 square feet on three floors. The two buildings were constructed in 2003 on 15.1 acres in the Norristown / Valley Forge submarket of Montgomery County, north of Philadelphia, in the 121-acre, master-planned Providence Corporate Center. 

An affiliate of BPG developed the two buildings as part of a build-to-suit for Wyeth Pharmaceuticals, which occupied the entire space until August 2010 when the company was acquired by Pfizer. In October 2010 IMS Healthcare backfilled nearly 87 percent of the space with a long-term lease at the complex, and is still the sole tenant there.

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