The agreement of sale for the transaction was arranged by Joe Sklencar, Sr., a senior vice president, and David P. Dolan, first vice president with CB Richard Ellis in Philadelphia. The two were the sole agents, representing UM Holdings.
According to Sklencar, "the buyer acquired the property as an investment." Further details of the transaction were not disclosed.
Besides UM Holdings, the law firm of Archer Greiner also occupies space in the building. Specifics of UM's continued occupancy of the building were not disclosed. However, "the purchase by the investment firm will not affect the terms of conditions of lease agreements now located in the building," according to Sklencar.
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