Neilson and David Barnhart, VP of the area's Grubb & Ellis office group, represented the bank in the sale negotiations. Michael Barmash of the area office of Colliers L&A represented the buyer.
The tri-level structure contains computer rooms and labs with temperature and fire suppression controls along with a full-service kitchen and cafeteria and executive office space. At the time of the sale, the building was 20% occupied.
Nielson says, "the property has one of the largest floor plates of any office building in the area," which makes it a "unique multi-tenant redevelopment investment opportunity." It has multiple entrances, redundant power and backup systems, fiber optic access and open plan office space. According to a consensus of reports from Philadelphia-area real estate firms, the asking rental rate in this submarket is around the mid-$20s-per-sf level.
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