HORSHAM, PA-Boca Raton, FL-based Compson Holding Corp. has sold the Toll Brothers Inc. corporate headquarters to a private 1031 exchange buyer for just shy of $44 million, or about $216.50 per sf. The building is a 203,000-sf class A office facility at 250 Gibraltar Rd.

Compson acquired the property for $36.1 million, or about $177.83 per sf, in October 2004 under a sale-leaseback agreement with Toll Bros. The luxury homebuilding company fully occupies the asset, and Michael Comparato, president of Compson, tells GlobeSt.com there are approximately 13 years left on its lease. Current published rent rates for office properties here by several owners average in the range between $21.75 per square foot and $23.75 per sf.

Comparato declined to identify the buyer, but said the company is based in Atlanta. When Prudential, a previous tenant, exited the building in late 2003, Toll Brothers “bought the property vacant and completely gutted it, transforming it into its headquarters,” Comparato says.

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