PHILADELPHIA-Time Equities Inc. of New York City has acquired the Northbrook Corporate Center office complex in the Philadelphia suburb of Trevose, PA for $11.42 million.
The all-cash deal involved the purchase of 900 Northbrook Drive (66,690 sf) and 1210 Northbrook Drive (94,480 sf), according to a report in the Philadelphia Business Journal. The new owner plans to renovate the lobbies and common areas of the buildings and ramp up leasing. The buildings are currently 75% occupied.
“We absolutely would love to grow our asset base there,” says Aaron Medeiros, director of acquisitions at Time Equities. The company states it is looking to partner with developers and sponsor deals ranging from $5 million to $75 million. See story in the Philadelphia Business Journal.