At $339.50 per sf, the sale represents one of the highest prices per sf ever paid for a Philadelphia-suburban office property. BPG Development Group completed construction of the spec office in fall 2003. It and BPG Properties are affiliates of Berwind Property Group. Recent office property sales in the suburbs have traded in a range of between $153 per sf and $173 per sf, according to a third-quarter report from the area office of Marcus & Millichap.
At the time of the sale, 300 Four Falls was 91% leased to 25 tenants, including John Templeton Foundation, EMC Corp. and Smith Barney, according to Stephen M. Spaeder, president of BPG Development. Under the agreement, BPG Management Co., another Berwind affiliate, will continue to manage the asset, which is located between I 76 and the Schuylkill River.
Robert Fahey and Michael Hines of the Philadelphia office of CB Richard Ellis represented BPG. Triple Net's acquisition team represented the buyers, and Mark Strauss of Cohen Financial arranged financing for the acquisition through Wachovia Bank.
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