Senior directors Jerome Kranzel, James Vesey and James Sheehan in the Philadelphia office of Cushman & Wakefield represented BET and also procured the buyer. Kranzel of C&W's capital markets group, says, "the buyer was attracted to the property's in-place cash flow and stable tenant roster." Among the major tenants are Waste Management Inc. and the US Social Security Administration.
"This sale represents the culmination of our business plan for this asset, which was to buy a well-located empty building, lease it up and sell it into a strong real estate market," says Michael Markman, BET's president, in a statement. Markham founded BET with Bruce Toll, a principal of luxury homebuilder Toll Brothers, in 1998.
The Lincoln complex was built in 1990, improved into a corporate headquarters facility in 1997 and converted to a class A multi-tenant office property in 2000. It affords easy access to I 95 and US Rte. 1. Average asking rental rates for class A office space in Bucks County is $24.77 per sf, according to a first-quarter 2006 report from C&W's Philadelphia office.
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