The seller is Philadelphia-based BPG Properties Ltd., an affiliate of Berwind Property Group. Richard F. Smith, a principal of Avir Realty Group of PA, an Avir affiliate, tells GlobeSt.com the building was completed in 1986 and is 80% leased. His Avir affiliate will move into "a couple of thousand sf in the building," alongside such current tenants as Computer Sciences and Accuweather. Smith says the asking rental rate is $19.50 per sf. Brokers in the Philadelphia office of Cushman & Wakefield handled the transaction.

Avir, which markets, invests in and develops commercial real estate, raises private equity from high net worth individuals and trusts and focuses on purchasing and redeveloping assets throughout the mid-Atlantic region. It also has an office in Wilmington, DE. Typically, it acquires buildings for between $5 million and $25 million.

"The company believes the Fort Washington office market is gaining momentum and represents an opportunity for its investors," Smith says. It recently acquired two flex buildings aggregating 90,000 sf in Burlington County, NJ, and, according to Smith, "is also continuing to look for additional investment opportunities in the Greater Philadelphia region."