The seller is Air Liquide America, the Houston-based US subsidiary of L'Air Liquide, based in Paris and one of the world's largest suppliers of industrial gas mixtures. Following a merger that included the acquisition of other companies, Air Liquide relocated personnel from the Great Valley Corporate Center building, leaving it vacant.
Steve Marzullo, senior vice president of investment sales in the Wayne office of CB Richard Ellis, and CBRE brokers Mike Brown, Steve Gersbach, Nora Brady and Chris Major represented the seller. Carl Gersbach and Andy Spillard in the same CBRE office procured and then represented the buyer.
IMC needed to expand, according to Marzullo. He tells GlobeSt.com the buyer will invest about $3 million to take the property to class A office status. The acquisition, he says, represented "a rare opportunity to acquire a well-located corporate headquarters below replacement cost, including acquisition and renovation costs."
The two-story, A-shape, brick building was completed in 1984. It is located on nearly 4.2 acres with easy access to Rtes. 29 and 202. IMC has handed leasing for the remaining 50% of the building to CBRE. According to Spillard, the quoted rate is $22 per sf plus electric.
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