Wednesday, October 23, 2019

JV Sells King of Prussia Office Building for $37.9 Million

A joint venture between Taconic Capital and Cohen Equities, both of New York, has sold an office building in King of Prussia, Pennsylvania, to local investment firm Pembroke Capital for $37.85 million, or about $230 per square foot.

The 164,360-square-foot building at 200 North Warner Road spans 12.1 acres located a quarter-mile from the King of Prussia Mall. The seller completed a $4.2 million comprehensive modernization program on the building, which was built in 1983.

Upgrades for the four-story building included enlarging and remodeling the lobby, creating all new common areas and restrooms, full replacement and addition of windows, the addition of two common area tenant conference rooms and a lobby grab n’ go.

The capital investment led to rental rates increasing approximately 35% at the property, according to a press release.

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