KING OF PRUSSIA, PA—As Liberty Property Trust executes the plan it announced in February of exiting its suburban office portfolio to focus on industrial assets, Equus Capital Partners has been able to scoop up a seven-property, 592,942 square-foot Liberty office portfolio spanning several locations throughout the desirable western suburban submarkets of Philadelphia, for $92 million.
The portfolio consists of four class B assets (440-460 E. Swedesford Road and 300, 400, and 500 Chesterfield Parkway) built between 1978 and 1988, and three class A assets (45 Liberty Boulevard, 2100 Renaissance Boulevard, and 2201 Renaissance Boulevard) built between 1999 and 2000.
Equus plans to reposition the portfolio and invest significant capital on renovations to both interior and exterior features as well as the enhancement of amenity spaces and building systems.
“We are excited to add these properties to our growing presence in Philadelphia's dynamic western suburban marketplace,” says George Haines, vice president of Equus Capital Partners. “In our other local projects, we have successfully boosted rental rates and occupancy by modernizing well-located buildings in amenity-rich locations. The acquisition of this portfolio provides us an opportunity to continue our business plan with assets that enjoy similar features and yet unique property-level characteristics. Once repositioned, we believe that these assets will be highly coveted in our marketplace.” Haines and colleagues Joseph Felici, Tim Feron, and David Thomas oversaw the acquisition for the firm.
The properties are distributed throughout the King of Prussia/Wayne and Malvern/Exton office markets. These markets capitalize on the confluence of Suburban Philadelphia's major road networks including Routes 202, 422, I-76, and the Pennsylvania Turnpike. The properties are all near a mix of attractive amenities including The King of Prussia Mall, The King of Prussia Town Center, Uptown at Worthington, and SEPTA's Regional High Speed Line.
These submarkets also benefit from their proximity to Philadelphia's prestigious “Main Line,” which is considered one of the most affluent residential communities in the country with several of the highest-rated school districts in the State of Pennsylvania.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
