Metropolitan sold the site through its BlackRock investment advisor. The office/flex buildings are adjacent to each other at 625 Clark Ave. and 860 First Ave. in King of Prussia Business Park, a campus encompassing more than six million sf within about 700 acres. Rouse and Associates, the forerunner of Malvern-based Liberty Property Trust, developed the Metropolitan buildings in 1984.
Members of the Philadelphia-area office of Trammell Crow Co. in West Conshohocken represented the seller. The team includes Mike Margolis, SVP, and Steve Marzullo, VP of the capital markets group, and John Shelly, Mike Brown and Steve Gersbach of the office brokerage group. Margolis tells GlobeSt.com the dual-building property is 67% occupied. "It was very well received by the investment community due to its strong current cash flow, its upside potential through additional leasing and the fact that it was offered free and clear of debt," he says.
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