The property is a four-story, 130,000-sf office building at the corner of City Line Avenue and Presidential Boulevard. "This is the only vacant suburban office building of this size currently available for sale," says David R. Binswanger, president and CEO. He and SVP Scott Gabrielsen head the marketing effort.
Gabrielsen tells GlobeSt.com, the firm is initially introducing it to as many potential user-buyers looking for space of 80,000 sf or more. The asking price for these user-buyer prospects, he says, "is $27 million," which is $207.69 per sf. "It's in an A-plus location, but the building is a little tired."
It was constructed in 1956, renovated several times, most recently within the past 12 to 18 months, according to Gabrielsen. The asking average for class A space here is $32.02 per sf, according to first-quarter data from the Philadelphia office of Cushman & Wakefield and $28.43 per sf, according to CB Richard Ellis first-quarter research. For the same quarter, Grubb & Ellis puts the asking average for class A, B and C office space here at $31.68, $28.75, and $22.41 per sf, respectively.
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