Devine and Carl Neilson, a Grubb VP, represented the Trust in the sale and were the sole brokers in the transaction. Devine tells GlobeSt.com that two tenants, which occupied 66% of the building, exited in mid-2005. "The buyer saw an opportunity to acquire a 34%-occupied building that offers strong value-added potential through leasing and building upgrades," says Neilson.
The new owner retained the Grubb team to lease up the building. Devine says, "we're still working out the rent-rate details, but it will be in the range of $19 per sf net of electric and janitorial." Among the current tenants are the General Services Administration and Univest Bank, and Devine says, "several prospective tenants have emerged." The building was completed in 1989. Radnor-based Brandywine Realty Trust owns the other three buildings in the Greenwood Square office park.
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