Two Collegeville Office Buildings Sold

COLLEGEVILLE, PA-Two commercial office buildings at the Providence Corporate Center here have been purchased by TA Associates for $33 million.

Boston-based TA Associates bought Highview I and Highview II, which total 183,363 square feet, from Equus Capital Partners of Philadelphia, according to the Philadelphia Business Journal.

The properties were built by Equus in 2003 for Wyeth Pharmaceuticals. After Wyeth's purchase by Pfizer in 2009, the drug company felt it no longer required the space at the two buildings, which led to IMS Health's decision to relocate and consolidate into approximately 160,000 square feet at the Highview properties. The company never moved into the buildings but still has a lease on its space until 2012. See story in the Philadelphia Business Journal.